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In 2018, the American economy failed to meet the Trump administration's 3% annual surge objective notwithstanding $1.5 trillion in tax cuts as well as a government spending blitz. Market experts tell surge will only decelerate from here.
A better-than-anticipated performance in the fourth quarter pushed GDP up 2.9% for the year, thus falling short of the objective, as Commerce Department data disclosed.
American leader has touted the American economy as one of the most impressive achievements of his term and told that his administration had successfully accomplished an economic turnaround of historic proportions. Donald Trump added he managed to spur annual economic surge to 4%, an objective that experts always told was absolutely unachievable.
In the fourth quarter, the country’s GDP tacked on at a 2.6% annualized rate having rallied at a 3.4% tempo in the July-September period. Financial analysts interviewed by Reuters had foreseen GDP heading north at a 2.3% tempo in the fourth quarter.
The previous year’s surge turned out to be the strongest since 2015 and also better than the 2.2% posted in 2017.
The stronger-than-anticipated fourth-quarter performance that reflected firm consumer as well as business spending showed up notwithstanding numerous headwinds, including financial market volatility as well as America’s trade clash with China, backing optimism that an anticipated deceleration in 2019 won’t be steep.
As for December economic data, including exports, retail sales, homebuilding as well as business spending on equipment went down steeply.
Moreover, most manufacturing measures weekend in January and February, while car demand declined.
As for the labor market, it also demonstrated signs of deceleration, with a report from the Labor Department on Thursday disclosing that the number of US citizens who received unemployment benefits soared to a 10-month peak by February 16.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
BoA has tracked signs of the upcoming stock market sell-off. While more expensive and at-risk stocks are set to fall, value stocks should survive.
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