|
WickedsDesire -> Trump Bump’ for U.S. Economy Shrink as Growth Forecasts Fade (7/6/2017 11:04:41 AM)
|
Hopes of �Trump Bump� for U.S. Economy Shrink as Growth Forecasts Fade
The promise of faster economic growth has become a study in the triumph of hope over experience.
While the June jobs report, coming on Friday, is expected to show that hiring continued at a healthy pace last month, other recent indicators in areas like consumer spending, construction and auto sales have been decidedly less robust.
As a result, Wall Street forecasters have been busy lowering their growth estimates for the second quarter, which ended last Friday, much as they were forced to do over the first three months of the year. Economic expansion for the full year now appears unlikely to be much greater than 2 percent — about the average for the current recovery, which celebrates its eighth year this month.
While hardly terrible, it is not the burst of growth — a “Trump bump” — that many expected to result from an upturn in consumer and business sentiment after President Trump’s election.
Mr. Trump himself declared upon taking office that his policies would produce 4 percent annual growth, and just this week said on Twitter to affirm that “things are starting to kick in now.”
But the Federal Reserve Bank of Atlanta’s widely followed GDP Now expects the second-quarter growth figure to come in at 2.7 percent, more than a full percentage point below where it was in May, and a decline even since the beginning of the week. The New York Fed’s Nowcast is even more bearish, with an estimate of 1.9 percent for the quarter just ended and 1.6 percent for the current quarter.
Even I know the Orange Prowler is riding on Handsome Obama's coat tails. Are you all billionaires yet and do you feel the prosperity course through you veins - I am curious
Are you better off or worse off?
|
|
|
|
