The Commerce Department reports that the U.S. economy did better than expected in the first quarter. The government raised the growth rate to 1.2% from its original estimate of 0.7%. Economists polled by MarketWatch forecast 3% growth here in the second quarter. The first-quarter slowdown was largely the result of a temporary pullback in consumer spending and buildup in business inventories.
The University of Michigan’s consumer confidence index rose to 97.1 up from April’s 97.0. It touched 97.7 in mid-May, and economists expected that for the full month. Current conditions fell while expectations rose. Sentiment seems to have hit a "high plateau,” according to survey director Richard Curtin. It’s averaged 97.3 from December to May. The partisan divide remains though. Democrats expect a recession and Republicans see “more robust economic growth.” It’s unusual for partisan leanings to continue to weigh on a survey like this, Curtin wrote, “since no major policies, such as healthcare, taxes, or infrastructure spending have yet been adopted.”
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
