Strong American labor market, low inflation and rising wages more important than GDP revision

March 28, 2019, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement on the latest revision to 2018 GDP growth:

“It is always precarious to react to economic data in real-time as we know revisions will be made that alter the analysis. Unfortunately, while the overall state of the economy remains strong, the first revision of the fourth quarter GDP in 2018 lowers the reported economic growth.

“The new data takes annual GDP down to 2.86 percent and Q4 to Q4 GDP down to 2.97 percent. That’s no better than 2015 from the annual perspective, and no better than 2014 Q1 to 2015 Q1 from the consecutive four quarters perspective. If you have to round up to get to 3 percent, you didn’t get to 3 percent.

“That said, the U.S. economy remains in strong shape, with the best labor market since the turn of the century, wages particularly for blue collar workers increasing significantly while inflation remains low. Declining food stamp usage underscores that millions of Americans are being lifted out of poverty. Ultimately, and where it matters most, the Trump economy is performing optimally, creating new opportunities for the vast majority of Americans.”

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