…from the NY Times….
The economy grew at an annual rate of 2.3 percent in the first quarter, the government reported Friday, offering a preliminary glance at how last year’s sweeping package of tax cuts is affecting consumers and businesses this year.
During the first three months of 2018, the economy was whacked around like a pinball. The stock market took investors on a giddy ride. President Trump imposed tariffs on allies and rivals alike, stoking fears of a trade war. And the revamped tax code shifted business incentives and started to put more money in workers’ paychecks.
Still, the economy ended up puttering along just a bit above the average yearly growth rate that it had registered since the recession ended nearly nine years ago.
While the pace is equal to the performance for all of last year, it is below the stronger 2.9 percent annualized rate recorded in the fourth quarter of 2017, and falls short of President Trump’s goal of at least 3 percent. Most forecasters, however, expect quarterly growth to float around the 3 percent mark for the rest of the year…..