That’s three straight quarters of approximately 3 percent growth. Those are the first full quarters that Donald Trump had been president. It’s now inarguable the Trump has been good for the economy.
However, growth for the current quarter is expected to be more like Obama-era growth. But we’ll see. I wouldn’t be surprised if a lot of economists are rooting for Trump to fail and so they bias their forecasts, even if unintentionally.
From the Wall Street Journal:
The U.S. economy entered 2018 with stronger momentum than earlier thought, though corporate profits weakened at the end of 2017 against a backdrop of significant changes to the tax code.
Gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a 2.9% annual rate in the fourth quarter, adjusted for seasonality and inflation, the Commerce Department said Wednesday.
That exceeded economists’ expectations and was up from a previous estimate of 2.5%growth, and only a little slower than the third quarter’s 3.2% growth and 3.1% growth in the second quarter. Consumer spending was revised higher for the fourth quarter, and private inventories exerted a smaller drag on growth than earlier thought.
Overall growth in the almost-finished first quarter is shaping up on the softer side; forecasting firm Macroeconomic Advisers on Wednesday projected a 1.8% growth rate for GDP in the first three months of the year.