On the whole, the most recent economic data portends a slight lessening of domestic growth. While employment trends are positive, the ISM manufacturing data suggests a marginally lower growth rate. Lower inflation readings also suggest less demand pressure on prices in the near term. This will no doubt be well received at the Federal Reserve, which is in the process of shedding hundreds of billions of assets on its outsized balance sheet.
GDP topped 3% in the last two quarters, for the first time since 2015. The post–Great Recession recovery has been characterized by relatively weak growth. The current forecast is for a 2.5% GDP growth rate in 2018, which is approximately the same overall level as 2017.
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