Friday, the Fed said, that The Trump Administration will fall “a little under” its target of 3% annual GDP for Y 2018, the report offers an economic scorecard of sorts for the 1st full year of President Trump’s term.
Growth for the year was “solid,” the Fed report said, as GDP “rose a little bit under 3% for the year as a whole,” just a bit shy of the pace White House officials have set as their touchstone for the success of the President’s policies.
Earlier this month White House economic adviser Larry Kudlow said growth would prove to be 3% in Y 2018 and at least that much for Y 2019, a forecast the Fed also does not share. But the odds are Mr. Kudlow is right.
The Fed said Y 2018 would prove “a noticeable pickup” from recent years, but outlined an array of headwinds, including a drop in business and consumer spending at year’s end, that could carry over into Y 2019.
The Fed’s estimate of last year’s growth fills a void left by the recent government shutdown, which delayed publication of the 1st estimates for Q-4 and FY 2018 growth by the Bureau of Economic Analysis.
The official GDP figure is due next week.
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