National, Regional Economic Outlook Positive For Remainder Of Year, Despite Trade SkirmishesRelease Date: 2018-07-02
By: Samantha Mehlinger
Unemployment is low, tax cuts are putting more money in consumers’ pockets and allowing for business investments, and wages are increasing – all factors that lead economists to believe that the remainder of 2018 should be positive, with an expected gross domestic product increase of around 3%.
“The tax cuts are beginning to kick in,” Mark Vitner, managing partner and senior economist with Wells Fargo, told the Business Journal. “Where it is showing up most directly is in hiring. Job growth has picked up nationally. We have added an average of 207,000 jobs a month, which is a little bit stronger than last year’s job growth average of 186,000 workers a month,” he observed. “We have seen businesses a little bit more willing to invest and hire permanent workers now that tax rates have been reduced.”
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