Slowdown

   As expected, U.S. economic growth slowed again as the year began, to 0.5 percent, down from 1.4 percent as 2015 ended.
   This follows a worldwide trend, as noted here yesterday. However, there have been few comments on the economic slowdown from presidential candidates. Instead, most tirades have been vague promises and "trust me, I'll fix it" vows, coupled with personal insults aimed at political competitors.
   This is not the way to build national confidence.
   Meanwhile, the income gap widens.
   
   The Commerce Department today said the value of goods and services produced in America during the first three months of this year declined to a growth rate just above zero, led by cuts in government spending, less investment by businesses, and reductions in inventory.
   Separately, the Census Bureau reported a dip in the homeownership rate to 63.5 percent in the first quarter from a year ago. And the Labor Department said more people applied for jobless benefits last week, another indication that the economy is not improving as hoped.
   Even so, the government said the total number of applications -- 247,000 -- marked 60 consecutive weeks when the the figure was below 300,000, the longest low streak since 1973. Meanwhile, the national unemployment rate ticked up in March to 5.0 percent, from 4.9 percent as total nonfarm employment rose by 215,000. The next report on the employment situation will be released May 6, and will cover April statistics.

   Earlier, the Federal Reserve said it would hold its key interest rate to a range of 0.25 to 0.5 percent, as part of its effort to stimulate the economy.
   Today's GDP report was the government's advance estimate of the growth rate. A second estimate will be released May 27.