Wealth And Economic News This Week (2-Minute Read)
According to this month's survey of 57 economists conducted from August 3 to August 7 by The Wall Street Journal, the average growth rate estimated for 2018 increased to 3%. That was up from projections of 2.9% last month and 2.4% a year ago. The average growth rate for 2019 was 2.4%. By 2020, the average forecaster projects economic growth will slow to 1.8%, down from estimates earlier this year of 2%.
The Federal Reserve's economic forecast as well as the forecast from the non-partisan Congressional Budget Office and private economists surveyed monthly in The Wall Street Journal are all in agreement: the long-term rate of growth for GDP is about 2%.
However, the Trump administration's forecast for GDP growth in February, the most recent data available, is much more optimistic due to expectations about supply-side economics. Most economists remain skeptical about the boost in growth that will come from recent tax cuts. While the predominant view of economists is not as exciting, it is sustainable. The 110-month long expansion is, thus, poised to become the longest expansion in post-War history in July 2019.
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- How Misperceptions Spread And Cause Confusion On Money Matters
- Real Spending Power Grew Twice The Rate Of The Last Expansion
- Global Growth Forecast Slows, But U.S. Outlook Remains Stable
- How Long Does It Take To Be A Long-Term Investor?
- Five Observations About The CBO's New Long-Term Debt Forecast
- Fed Apology, Strong Job Growth Bolster Stocks
- Despite Grim Headlines, Economic Growth Is Intact
- Despite December Turbulence, Economy And Business Optimism Were Strong
- Latest Forecasts Show Economy Is Doing Okay
- A Poignant Moment In Financial History Sparks Stocks