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Deceleration in consumer spending is expected to curb the increase and keep interest rates unchanged.
“The economy is in a sweet spot for now," with inflation pressures remaining too weak for the Fed to raise interest rates.
GDP got a boost in Q1 from a sharp decline in imports but economists warn that underlying spending and investment data point to slowing growth.
The measure of consumer spending fell 0.2% after a 1.2% gain in January, signaling tepid economic growth for the first quarter.
The biggest drop in spending since 2009 confirmed expectations that the economy will slow down further in the first three months of 2019.
“I think this is a slowing. I don’t think this is ‘we’re falling into an abyss," one economist says.
U.S. shoppers are benefiting from moderate inflationary pressures, while incomes increased 0.5% last month.
The latest GDP estimate for the third quarter confirms growth is slowing as the big boost from tax cuts starts to fade.
A report by eMarketer predicts a 6% surge to $1.002 trillion in holiday spending this year, the biggest gain since 2011.
Consumer spending rose 0.4% in September, but personal income gains were modest and the savings rate fell.
Economists had expected a slowdown in August after five straight strong gains but consumer confidence remains high.
