The Commerce Department reports the US economy was off to a slow start in the first quarter. Gross domestic product increased at a 0.7% annual pace in the first three months of the year, down from 2.1% in the third quarter of 2016 and 3.5% in the fourth. The drop was most due to the smallest increase in consumer spending since the end of 2009, reflecting fewer sales at car dealers. Spending rose just 0.3%, down from 3.5% at the end of 2016. Government spending fell 1.7%, the largest drop in four years. Inflation hit 2.4% annually according to the personal-consumption expenditures index, the biggest jump since spring 2011.
President Trump will sign an executive order today that could eventually open millions of coastal acres to offshore oil and gas drilling, according to USA Today. It Interior Secretary Ryan Zinke to review the current five-year development plan on the Outer Continental Shelf for offshore oil and gas exploration, as well as review the regulations and permitting process for development and seismic research.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
