- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Purpose Bitcoin ETF
Silver47 Exploration
Syntheia
Black Swan Graphene
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Despite recent trillion-dollar tax cuts and a rising job market, America’s economic growth for Q1 2018 was slower than anticipated.
America’s economy grew at an annual rate of 2.3 percent in 2018’s first quarter, down from growth of 2.9 percent in Q4 2017
That’s according to a Friday (April 27) preliminary report from the US Department of Commerce.
Despite the US$1.5 trillion in tax cuts passed by US congress at the end of 2017, consumer spending fell to a rate of 1.1 percent in Q1, its lowest in almost five years.
Consumer spending came in at 4 percent in Q4 2017; however, it’s worth remembering that Q4 encapsulated both the holiday season and the legislative passing of the aforementioned tax cuts. Both of those events could help account for more eager spending habits.
That said, analysts predict that the country’s strengthening job market combined with the tax cuts will soon leave their mark on the economy.
“This is not too bad,” Carl R. Tannenbaum, chief economist of Northern Trust in Chicago, told the New York Times. “The 2.3 percent figure is moderately encouraging.”
“The rest of 2018 seems well assured given the substantial support that is going to come from government fiscal policy,” Tannenbaum said in reference to the tax cuts.
Even though the first quarter was weaker than anticipated, analysts also predict the US Federal Reserve will likely stay on track with its interest rate hikes to ward off inflation.
“What all this means for the Fed and its rate hike cycle is really nothing,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, wrote in an email obtained by CNN.
Interest rate changes often weigh heavily on precious metals like gold and silver. They tend to fare well when interest rates are low and suffer when rates are higher.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.