GDP To Expand In Q2; Consumer Confidence On The Rise
The U.S. economy expanded slowly in Q1, but new data suggests we should expect stronger economic growth this quarter.
On Friday the Commerce Department said the economy grew 1.2% over the course of Q1, and Macroeconomic Advisers recently predicted gross domestic product will advance at an annual rate of 3.3% in Q2, the Wall Street Journal reports. Consumer confidence also remains on the rise. Americans' confidence in the state of the economy inched up to 97.1 in May, according to the University of Michigan’s most recent report.
Consumer confidence readings are up 2.5% from last year and the Commerce Department said consumer spending advanced at a 0.6% annual rate. Confidence in the country's economic standing remains largely intact even as turbulence in Washington and Congress' probe into President Donald Trump's ties to Russia persist.