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Friday’s report of first quarter growth should show economy is strong and no recession in sight
First quarter GDP likely is expected to have grown at a healthy 2.5% pace, a far cry from the early estimates of near zero growth. The first quarter was "doomed from the start," according to Pierpont Amherst chief economist Stephen Stanley. There was a five-week government shutdown, through the end of January; the stock market had a massive sell off into the end of December, and the cold and bad weather of January and February slowed down all sorts of activity. "Just the evolution of forecasts more broadly, maybe two months ago, people were talking about a recession.The reasons are pretty evident. We had the ... (full story)