Uh oh. Well, maybe not quite time for that. But there are increasingly ominous signs in consumer confidence, business investment, consumer spending and other economic metrics. A recession starting in a presidential election year? Unheard of!, you say? But now this:
The U.S. economy expanded in the first quarter at the slowest pace in two years as American consumers reined in spending and companies tightened their belts in response to weak global financial conditions and a plunge in oil prices.
Gross domestic product rose at a 0.5 percent annualized rate after a 1.4 percent fourth-quarter advance, Commerce Department data showed Thursday. The increase was less than the 0.7 percent median projection in a Bloomberg survey and marked the third straight disappointing start to a year.