US economy surges at the start of 2019

Washington, April 26: The US economy got off to a roaring start in 2019, breezing past President Donald Trump's extended government shutdown and wiping away fears of a slowdown in growth, at least for now, the government reported Friday.

The unexpected surge was welcome news for Trump, whose record five-week shutdown rattled the economy in December and January during a battle with Democrats over funding for a border wall.

It was also the hottest first-quarter performance in four years, but the growth estimate will be revised in May and June as more data come in.

And the rosy numbers nevertheless came with important signs of weakness -- the data were lifted by a decline in imports and a buildup in business inventories.

GDP expanded at an annual rate of 3.2 percent in the January-March period, leap-frogging economists' expectations and surpassing the 2.2 percent growth in the final quarter of 2018, the Commerce Department said it its initial estimate.

(AFP/APP)