US first-quarter GDP rose 3.2%, vs 2.5% growth expected
div > div.group > p:first-child"> First-quarter GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said. Economists polled by Dow Jones expected the U.S. economy had grown by 2.5% in the first quarter. It was also the first time since 2013 that first-quarter GDP topped 3%.
Friday's data was the first look at how the economy fared during the longest government shutdown in history. The federal government seized operations for 35 days between late December and Jan. 25 amid a standoff between the Trump administration and congressional leaders over funding for a wall along the U.S.-Mexico border.
Investors were closely watching out for the report as they looked for more confirmation that a recession may not be in the cards over the short term. The S&P 500 is up 16.7% this year after the Federal Reserve reversed course in its path to tighter monetary policy, easing fears that a recession may be imminent.Subscribe to CNBC on YouTube.
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