News

Weak GDP Numbers Reflect Earlier Survey Findings

TCB's February report on economic activity throughout the state found a similar pullback in investment and growth.

The United States’ economy nearly flatlined at the beginning of 2016, according to the latest government report.
 
Gross domestic product grew by an anemic 0.5 percent between January and March. It was the slowest on record in years.
 
Sluggish global demand, a oil and gas sector plagued by low prices and consumers coping with rising rents and incentives to save money all played a part in the numbers, according to the Washington Post’s Wonkblog.
 
The report reflects similar sentiment that business owners throughout Minnesota told TCB in our Quarterly Economic Indicators survey. The results, published in February, predicted that companies would pull back on investments and see less growth.