Thank goodness spring is here. Winter really wore down the U.S. economy.
America’s economic growth was actually negative in the first three months of 2015. Gross domestic product, the widest measure of growth, fell -0.7%, according to revised government data out Friday.
That’s bad, but the same thing happened last year and the economy came surging back as the weather improved. Many experts believe America is in for a repeat: a slow start in the winter followed by a spring and summer rally.
The cold winter weather, strong U.S. dollar and West Coast port strike — remember that — attributed to the weak start to the year.
The U.S. economy is already showing signs of life. Housing starts — the pulse of American real estate — had its best monthly gain since 1991 in April. Consumer confidence ticked up a bit recently and orders for durable goods — refrigerators, for example — jumped up too. People tend not to buy big ticket items unless they are optimistic about where their finances are headed.
The economy also added a healthy 223,000 jobs in April, a reassuring sign after March saw little job gains.
The government’s initial estimate of first quarter economic growth, published a month ago, was a disappointing 0.2%. But even that projection was too optimistic.