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.
- S&P 500 Breaks All-Time Record Again
- Steady Economy Briefly Drives Dow Beyond 29,000
- Why Stocks Shrugged Off Iran Escalation
- A Spectacular Year For Stocks
- A Case For A Bull Market In 2020
- Good Economic News Again
- An Unusual Constellation Of Economic Surprises
- Longest U.S. Expansion Keeps Rolling
- Retirement Income Reality Check
- Find The Major Economic Trend Hidden In This Picture
- Is The New Record High In Stocks Irrational?
- Stocks Break New Record; Economic Outlook Clears
- Despite Frights, Can The Expansion Continue?
- Retail Sales Coverage Reflected The Narrow View Of The Media
- Small-Business Optimism Declines But Remains High