Economic Growth in the First Quarter Sucked


GDP growth was terrible in the first quarter, rising at an annual rate of only 0.7 percent. That’s the worst quarterly performance in two years:

Unfortunately, the details behind the headline number are bad too. Growth was driven almost entirely by investment in buildings, both residential and nonresidential. Personal consumption was up an anemic 0.3 percent. The most common excuse for this miserable performance is that it’s for the first quarter, and first quarters are always bad. There’s some truth to this: first quarter growth has averaged 1.0 percent since 2010. However, we’ve had a pretty mild winter in 2017, so there’s no weather excuse this year.

We’ll see. Maybe the revised numbers will be better. Maybe we’ll make up for this in the second quarter. Maybe.

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

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We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

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Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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