Economy grows at 0.7 percent rate in first quarter, slowest bump in three years

The economy grew at just a 0.7 percent rate in the first quarter of 2017, the Commerce Department reported Friday, marking the slowest quarterly expansion rate in three years. The clip is a steep drop-off from the previous period, when the economy grew at a 2.1 percent annual rate in the fourth quarter of 2016.

Despite President Trump's promises to boost economic growth, consumer spending in his first quarter in office increased by just 0.3 percent, which Bloomberg reported was "the worst performance since 2009."

Economists had projected a sluggish first quarter and expect growth to bounce back in the second quarter. Reuters noted that this isn't a "true picture of the economy's health," as the labor market reaches "near full employment" and consumer confidence soars.

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