Nation’s Economy Grows in the First Quarter

In its first or “advance” estimate, the Bureau of Economic Analysis (BEA), reported that the nation’s economy, as measured by real gross domestic product (GDP), rose by 2.3 percent on a seasonally adjusted annual rate basis in the first quarter of 2018. This is the second consecutive quarter in which growth slowed. However, this is the fourth consecutive quarter in which actual growth exceeded an estimate of the economy’s potential growth. On its own, the new estimate of the nation’s potential, which reflects the impact of the Tax Cuts and Jobs Act, provides support for gradual increases in the short-term policy rate.

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Source: NAHB