Here’s what economists are saying about the 2.6% growth in gross domestic product during the fourth quarter, which was faster than consensus expectations
• “Consumer spending continued to grow solidly and, most encouragingly, business investment growth recovered sharply after a dip in the third quarter. Despite big external headwinds and financial market volatility in the fourth quarter, U.S. firms are not retrenching sharply on capex. Labor market strength and ongoing fiscal stimulus should see domestic demand expanding by enough to keep GDP growth above potential in 2019, despite a rising drag from net trade.” — Brian Coulton, Fitch Ratings.
• “At a 2.6% gain, fourth quarter GDP was a welcome upside surprise, and further cast doubt on the veracity of the weak December retail numbers. While the economy is slowing, perhaps to a plateau of about 2% over this year, that’s plenty of economic heat to keep jobs increasing at a strong pace, and to keep wages rising.” — Robert Frick Navy Federal Credit Union.
• “Growth overshot expectations because investment in intellectual property rocketed at a 13.1% rate, nearly double the underlying trend pace. These numbers are volatile and a much smaller gain is likely in the first quarter.” — Ian Shepherdson, Pantheon Macroeconomics.
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