From Federal Reserve Bank of Atlanta: Latest forecast: 4.8 percent — June 1, 2018.
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.8 percent on June 1, up from 4.7 percent on May 31.
The nowcasts for second-quarter real consumer spending growth and second-quarter real private fixed investment growth increased from 3.4 percent and 4.6 percent, respectively, to 3.5 percent and 5.4 percent, respectively, after the employment report from the U.S. Bureau of Labor Statistics, the construction spending report from the U.S. Census Bureau, and the Manufacturing ISM Report On Business from the Institute for Supply Management were released this morning.
When W came into office the economy was producing record setting budget surpluses. He gave us a bunch of tax cuts and an unfunded part D for Medicare to make things better. When he left office our economy was shedding jobs at 800K per month and producing record setting budget deficits. Trump and the republicans injected 1.5 Trillion in borrowed money into the economy via tax cuts to make things better after he got elected. The proof will be after the tax cuts run through the economy for 4-8 years. Will the investment generate enough revenue to reduce the deficit? When you look at the growth of the debt over the last 40 years Regan's investment and Bush's investment didn't. Things will be different this time? For my children, I remind them that both sets of their grand parents survived the great depression and adversity develops character.
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