Apr 26, 2019

U.S. economy grows 3.2% in first quarter, smashing expectations

Courtenay Brown
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Data: Bureau of Economic Analysis; Chart: Chris Canipe/Axios

The U.S. economy grew at a 3.2% annualized rate in the first quarter of the year — a faster pace than the previous quarter's 2.2% and significantly more than the 2.1% economists were expecting, the Commerce Department said on Friday, thanks to strong exports and consumer spending.

Why it matters: Concerns about a U.S. economic slowdown have subsided, given the bounce back in recent economic indicators. This blowout GDP report — though subject to revision — shows that the economic cycle might have more room to run, putting the Federal Reserve, which has backed off on raising rates, in a tough spot.

What to watch: Economists say the underlying data points that fueled growth in the first quarter may fade later in the year.

Go deeper: Global economic whiplash

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Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 1,430,141 — Total deaths: 82,119 — Total recoveries: 301,130 — Map.
  2. U.S.: Total confirmed cases as of 11:30 p.m. ET: 398,809 — Total deaths: 12,895 — Total recoveries: 22,224 — Map.
  3. Federal government latest: Acting Navy secretary resigns over handling of virus-infected ship — Trump removes watchdog overseeing rollout of $2 trillion coronavirus bill — Trump said he "didn't see" memos from his trade adviser Peter Navarro warning that the crisis could kill more than half a million Americans.
  4. States latest: California Gov. Gavin Newsom is confident that more than 200 million masks will be delivered to the state "at a monthly basis starting in the next few weeks."
  5. Business latest: America's food heroes in times of the coronavirus crisis. Even when the economy comes back to life, huge questions for airlines will remain.
  6. World updates: China reopens Wuhan after 10-week coronavirus lockdown.
  7. 2020 latest: Polls for Wisconsin's primary elections closed at 9 p.m. ET Tuesday, but results won't be released until April 13. Thousands of residents cast ballots in person.
  8. 1 Olympics thing: About 6,500 athletes who qualified for the Tokyo Games will keep their spots in 2021.
  9. What should I do? Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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African Americans are disproportionately dying from coronavirus

U.S. Surgeon General Jerome Adams at a Coronavirus Task Force Press news briefing. Photo: Michael Brochstein/Echoes Wire/Barcroft Media via Getty Images

U.S. Surgeon General Jerome Adams has highlighted the disproportionate impact the novel coronavirus is having on African American communities, telling CBS Tuesday "many black Americans are at higher risk for COVID."

Driving the news: Several states and cities have reported that African Americans are dying from the virus at higher rates than any other racial demographic. Not all agencies have released a breakdown of data, but the virus is spiking in cities with large African American populations, including New York, Chicago, Detroit, Milwaukee and New Orleans.

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Wisconsin won't be declaring a winner tonight

A Wisconsin poll worker wearing PPE guides people through a line outside of a polling place. Photo: Scott Olson/Getty Images

Polls for Wisconsin's primary elections closed at 9 p.m. ET Tuesday, but results won't be released until April 13 due to a back-and-forth on absentee voting amid the coronavirus outbreak.

The big picture: Democratic Gov. Tony Evers attempted to delay the state's election in order to curb the spread of COVID-19 in polling places. The Wisconsin Supreme Court overturned his order Monday and said the election must be held on Tuesday as originally scheduled.

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