U.S. Economic News

April 27, 2018

U.S. Economic Indicators

The first estimate of Q1 GDP indicates that the U.S. economy expanded at an annualized rate of 2.3%, above the consensus estimate of 2.0%. The reading reflects healthy consumer spending, business investment, residential investment, as well as strong contributions from government spending. BEA Report
 
According to the Employment Cost Index, compensation costs for civilian workers rose 0.8% in the first quarter and are up 2.7% on the year. 
Wages and salaries were up 2.7% on the year and benefit costs were up 2.6%. BLS Report

The University of Michigan Consumer Sentiment Index fell 2.6 points to 98.8 in the final April reading, but is up 1.8 point on the year. The Index of Consumer Expectations edged down 0.4 point to 88.4, while the Current Economic Conditions Index dropped 6.3 points to 114.9. Report

U.S. News

The Wall Street Journal reports that companies are beginning to feel the effects of higher oil prices. Some companies, like airlines and shipping firms, expect to pass along higher operating costs to consumers, a move that could cause inflation to accelerate across the economy. WSJ

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