Getting that old sinking feeling again? You’re not alone. The U.S. economy barely stayed afloat in the first three months of the year, data show, the third year in a row that growth has faltered in the first quarter. Forecasters are duly chopping their growth estimates for the period, casting doubt on the economy’s underlying strength.
The Federal Reserve Bank of Atlanta on Friday lowered its estimate for gross domestic product between January and March to 0.1 percent (see chart below). Bank of America Merrill Lynch analysts peg growth for the quarter at 0.2 percent. Macroeconomic Advisers puts it at 0.7 percent. Capital Economics, normally fairly chipper on the country’s economic prospects, forecasts annualized GDP in the first quarter of 1 percent. FULL REPORT