U.S. Growth Cools to 2.3% While Compensation Rates Intensify

What Our Economists Say

First-quarter GDP is better than consensus, as Bloomberg Economics projected, but don’t pop the champagne yet. Excluding armory stockpiling, the amount is considerably less robust. Final sales, or GDP ex-inventories, rose 1.9% vs. 3.4% prior — the softest expres since the fourth quarter of 2016. We spotlit this not to be bearish on their own economies, but instead to signal that despite rising wage pressings, the getaway in increment abides moderate, and therefore the Fed’s proposed course of action remains appropriate.

— Carl Riccadonna, Bloomberg Economics

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