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Concern Over U.S. Economy

02/20/2019

Expansion of the economy as measured by growth in the Gross Domestic Product is currently undergoing revision. The Federal Reserve Bank of New York now predicts a first-quarter 2019 growth rate of 1.1 percent, a marked reduction from previous forecasts. A bleaker outlook is based on weak industrial output that fell by 0.6 percent in January against an anticipated 0.1 percent gain. An unexpected 0.9 percent drop in manufacturing production occurred within the industrial production segment of the forecast.

It is evident that the effect of the 2017 tax cut is no longer apparent. Exports may be impacted by trade disputes and weakness in the E.U. occasioned in part by the inability of Italy to curb spending and uncertainty over Brexit.