Economic Insights – February 2018

Based on the first estimate of fourth quarter GDP, we can safely say that the economy grew at least 2.5 percent in 2017.  That’s an acceleration from the average rate of 2.2 percent from the start of the recovery in mid-2009 through the end of 2016.  Notably, what we call “core” GDP grew at a 4.6 percent annual rate in the fourth quarter and was up 3.3 percent in 2017.  “Core” GDP is inflation-adjusted GDP growth excluding government purchases, inventories, and international trade; it’s the best measure of private-sector activity in .....