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Trump advisor Hassett expects economy to defy earlier doomsday predictions with 3% growth


Added 04-22-19 11:01:02am EST - “Stronger economic data recently signals a continuation of above-trend growth, says the Council of Economic Advisors chairman.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Trump advisor Hassett expects economy to defy earlier doomsday predictions with 3% growth”. Below is an excerpt from the article.

Stronger economic data recently signals a continuation of the 3% GDP growth rate , Kevin Hassett, an economic advisor to President Donald Trump, said Monday on CNBC.

"The first quarter is usually a little bit low. I think there's almost more upside than downside risk going forward on the economy," said Hassett, chairman of the Council of Economic Advisors. "Our internal numbers at CEA got up to around 3% for the first quarter last week with some of the good news on retail sales."

The Trump White House has used 3% growth as a yardstick of success of the president's economic agenda, which included tax cuts and business deregulation. The economy nudged past that number when measured from the fourth quarter of 2017 through Q4 of 2018.

Last week, economists surveyed by CNBC/Moody's Analytics Rapid Update raised their first-quarter growth estimates by 0.3 percentage points to a median 2.4%, following a sharp increase in March retail sales. Their median forecast for Q1 was as low as 1% earlier in the quarter after the longest government shutdown ever. Sentiment was also muted coming into 2019 after stocks suffered their worst year in about a decade.

However, with the S&P 500 up more than 15 percent in 2019 and the three-week shutdown resolved before February, first-quarter economic numbers were showing more promise than originally thought.

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