April 27 (UPI) — The Commerce Department said Friday the U.S. economy grew by 2.3 percent during the first quarter of this year — a slower pace than the previous quarter.
The department’s Bureau of Labor Statistics said in a report Friday declines in consumer expenditures, residential fixed investment, exports, and state and local government spending contributed to the lower GDP.
Personal taxes decreased by $40 billion in the first quarter, down $10 billion from the fourth quarter of 2017. Gross domestic product, the total value of all goods and services produced, rose by nearly 3 percent in Q4 2017.
The price index for gross domestic purchases — a measure of potential inflation — rose 2.8 percent in the first quarter, disposable personal income rose 6.2 percent and personal savings rose 3.1 percent.
The BLS acknowledged that source data for the April report was incomplete or subject to further revision. First-quarter reports are often afflicted with data quirks, although the findings reported Friday showed the highest GDP growth for any first quarter since 2015.