it is often the case that growth sags in the first quarter of the year, despite recent efforts by statisticians to purge the economic data of seasonality.
THE news that America’s GDP growth slowed to 0.7% on an annualised basis in the first quarter of 2017 is no real surprise, for two reasons.
Investment growth might even portend an expansion in the capacity of the economy to supply growth, leading to higher trend growth in the years ahead, just as Mr Trump has promised.
Since 2010, excluding today’s release, first-quarter GDP growth has averaged just 1.1%, compared with 2.5% at other times in the year.
The economic costs of half the country despairing might outweigh the benefits of the other half rejoicing.
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Business leaders discuss keys to NWI economic growth
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On the campaign trail, Trump criticized former President Obama for lackluster economic growth after the economy dug out of an historically bad recession and near economic collapse.
Despite the lackluster growth, most experts believe the economy is picking up speed and will produce about 3 percent growth in the April-June quarter.
Trump has said his plans for better trade deals, tax and healthcare reform as well as a reduction in regulations could push economic growth up into the 4 percent range.
Jobs growth has remained solid, even though in March employers added only 98,000 to their payrolls, and the unemployment rate fell to 4.5 percent.
A slowdown in consumer spending weighed on the economic expansion in the January-March quarter after growth hit 2.1 percent in the fourth quarter of last year, the Commerce Department said Friday.