Trump’s first economic report: 4 things to know

The Trump administration's first economic report card publishes Friday.

The Commerce Department will release the first print of gross domestic product, the broadest measure of economic activity, for the first three months of this year at 8:30 a.m. ET.

Here are 4 things to know.

1. Growth is expected to be low: Really low. The Atlanta Federal Reserve is predicting first quarter growth of just 0.2%. Private economists are projecting annual growth around 1%. Either way, that's very low.

2. Why growth was weak to start the year: American shoppers didn't open their wallets much. Retail sales declined in February and March on a monthly basis. Consumer spending makes up about two-thirds of US economic activity. Business spending also hasn't ratcheted up this year.

3. The US economy is still in good shape overall: America looks poised for another year of sluggish growth. But other measures are looking good. Unemployment is very low at 4.5%. After the Great Recession ended in 2009, unemployment reached 10%. Wage growth is picking up and job growth has been strong in recent years. Gas prices are low. And although slow, this year will likely be the eighth straight year of growth.

4. Trump promises 4%. His team eyes 3%. The Fed sees 2%: President Trump promised economic annual growth of 4%. His Treasury Secretary, Steven Mnuchin, is hoping to get to 3% with tax reform and other measures. The Fed projects annual growth of 2% this year and in the coming years.

This BBSNews article was syndicated from News | WPLG, and written by News | WPLG. Read the original article here.