May 30, 2019

U.S. GDP revised lower to 3.1% in 2019's first quarter

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

U.S. first quarter GDP was revised lower to 3.1% on Thursday, a slightly slower pace of growth than the 3.2% annual growth rate the government first estimated, thanks in part to companies spending less money on capital expenditures than initially thought.

Between the lines: The number, which doesn't take into account any impact from the escalated trade war with China, beat economists' expectations that Q1 GDP would be revised to 3.0%. The government said that consumer spending and exports were stronger than they first estimated.

Go deeper ... Goldman Sachs: First quarter of 2019 is a "GDP pothole"

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Tech can't remember what to do in a down market

Illustration: Rebecca Zisser/Axios

Wall Street's two-day-old coronavirus crash is a wakeup alarm for Silicon Valley.

The big picture: Tech has been booming for so long the industry barely remembers what a down market feels like — and most companies are ill-prepared for one.

Brace yourself for a coronavirus outbreak

Illustration: Aïda Amer/Axios

Public-health officials’ warnings about the coronavirus are sounding increasingly urgent, with one top CDC official asking the public yesterday "to prepare for the expectation that this might be bad."

Reality check: Other administration officials, including President Trump himself, were more subdued in their assessments. But underneath those tonal differences, the reality of the coronavirus is the same: It spreads quickly, and has already spread to many countries, making it likely to start spreading here, too.

Go deeperArrow3 hours ago - Health

Exclusive: Pro-Trump group plans post-Super Tuesday blitz on Democrats

Democratic presidential hopefuls take the debate stage in South Carolina. Photo: Logan Cyrus/AFP via Getty Images

Pro-Trump super PAC America First Action is preparing to unleash a series of targeted, swing-state attacks on the Democrat most likely to face President Trump after Super Tuesday, people familiar with the group's plans tell me in an exclusive preview of its strategy.

The state of play: The group has been tracking favorable/unfavorable ratings in Florida, Georgia, Michigan, North Carolina, Ohio and Pennsylvania for 2020 candidates Joe Biden, Bernie Sanders, Elizabeth Warren, Pete Buttigieg and Michael Bloomberg — under the theory that if Trump wins each of these six states he would win re-election.