GDP for the 1st quarter certainly surprised on the positive side
Data and commentary during early months of the year had carried warnings on future growth. The Federal Reserve had spoken of an economic slowdown when it announced its decision to halt interest rate increases. The International Monetary Fund had warned of a global slowdown. The Federal Reserve Bank of Atlanta’s famous GDPNow Tracker at one point suggested that the first quarter would turn in growth barely above zero.
Otherwise, the patterns recorded in the first quarter suggest more durable positives. Particularly encouraging was the 8.0% annual growth recorded for business spending on systems and technology, what the Commerce Department refers to as “intellectual property products.” Spending in this area had lagged disappointingly through much of the long recovery between 2010 and 2017.
France Dernières Nouvelles, France Actualités
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