Seven charts showing awful first-quarter US economic growth

April 30, 2014
April 30, 2014

The world’s biggest economy posted disappointing first-quarter GDP growth of just 0.1%. That’s well short of expectations for a 1.1% annualized gain.

US-real-GDP-annualized-change-US-real-GDP-annualized-change_chartbuilder (1)

Business investment was weak, falling an annualized 2.1%.

US-nonresidential-fixed-investment-quarterly-annualized-rate-US-nonresidential-fixed-investment-quarterly-annualized-rate_chartbuilder

It was another bad quarter for housing, with residential investment—that’s stuff like homebuilding and renovations—falling an annualized 5.7%.

Real-US-residential-fixed-investment-annualized-change-Real-US-residential-fixed-investment-like-homebuilding-and-renovations-quarterly-annualized-change_chartbuilder (2)

Real final sales, a measure of consumer spending that strips out the impact of inventory growth, was up a scant 0.7% in the first quarter of 2014, compared to the final three months of 2013.

US-real-final-sales-quarter-on-quarter-change-US-real-final-sales-quarter-on-quarter-change_chartbuilder

Total government spending continued to be a drag, falling an annualized 0.5%.

US-real-government-spending-annualized-rate-US-real-government-spending-annualized-rate-_chartbuilder

Defense spending fell 2.4% quarter-on-quarter.

US-real-federal-defense-spending-quarter-on-quarter-change-Real-federal-government-defense-spending-quarter-on-quarter-change_chartbuilder

US spending on utilities surged in the quarter, thanks to the dismal weather. Expenditures on housing and utilities rose 6%, quarter-on-quarter.

Real-consumer-spending-on-housing-and-utilities-quarterly-change-Real-consumer-spending-on-housing-and-utilities-quarter-on-quarter-change_chartbuilder (1)

 

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