On Feb. 28, the Department of Commerce released a much-anticipated estimate for 2018’s fourth-quarter economic growth. Delayed because of the government shutdown, the 2.6 percent in GDP growth was above the 2.3 percent consensus expected by prognosticators. While still well below the third quarter’s 3.4 percent, and even further below the second quarter’s roaring 4.2 percent, the higher-than-expected growth rate was welcome news.
Keep in mind that 2018’s fourth quarter was not exactly an economic romper room experience. The three-month period contained bad news on the trade war, a sharp Fed increase in interest rates followed by a heavy Wall Street sell-off, and the beginning of a 35-day government shutdown that ended on Jan. 25 and curtailed government services while putting 800,000 federal workers off payroll.
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