(Bloomberg) -- Growth in U.S. personal consumption expenditures in the first quarter of 2017 was slowest since 2009, according to figures released Friday by the Commerce Department. A big reason for that was the second-largest contraction in spending by nonprofits in 57 years of data. According to monthly consumption data through February, the drag seems to owe to a sharp decline in spending by professional advocacy groups, which always surges during U.S. presidential elections, and hit a record high in November.
To contact the reporter on this story: Matthew Boesler in New York at mboesler1@bloomberg.net.
To contact the editors responsible for this story: Brendan Murray at brmurray@bloomberg.net, Alister Bull
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
