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U.S. Growth of 3.2% Tops Forecasts on Trade, Inventory Boost – Bloomberg News

By Reade Pickert and Jeff Kearns

  • Volatile categories offset slowdown in consumers, businesses
  • Fed’s preferred core inflation gauge well below 2% target

U.S. economic growth accelerated in the first quarter on a big boost from inventories and trade that offset slowdowns in consumer and business spending, with President Donald Trump touting the report as much stronger than expected.

Gross domestic product expanded at a 3.2 percent annualized rate in the January-March period, according to Commerce Department data Friday that topped all forecasts in a Bloomberg survey calling for 2.3 percent growth. That followed a 2.2 percent advance in the prior three months. Read More…