>> Do you need it wrapped?>> The US economy grew at its slowest pace in three years in the first quarter, as Americans spent less on computers, kitchen appliances, cars and energy. The Commerce Department Friday saying GDP missed expectations, growing just 0.7% in the first three months of the year, the slowest pace since the same quarter in 2014.
Consumer spending accounts for more than 70% of overall economic growth, it crawled just 0.3%, tanking from the 3.5% pace in the first quarter of 2016. Economists say the latest numbers are less likely a major issue for long term growth, because US consumer confidence is high, and the unemployment rate has been falling, key factors to keep the economy on track.
Analysts say the spending slow down is partly due to mild winter weather, which means less spending on utility bills.