Economic activity in the nation’s manufacturing sector remained solid during March, while construction spending was nearly unchanged in February. The latest reports show the nation’s overall economic health was stronger in the final quarter of last year than earlier indications.
The U.S. economy didn’t expand as much as originally estimated in the final quarter of 2017, but it still turned in a solid performance, according to a new Commerce Department report, while a separate report on consumer confidence showed it was at its highest level in more than a decade.
A preliminary report about the U.S. manufacturing sector for this month showed business conditions continue improving, hitting a 40-month high, while a separate one on existing home sales revealed a decline for the second straight month amid higher prices and a supply shortage.
One of the biggest drivers of the U.S. economy is expected to grow between 3.8% and 4.4% this year over 2017, according to a new economic forecast from the trade group the National Retail Federation.
The nation’s overall economic performance slowed in the final quarter of last year but turned in better performance for all of 2017 than it did for all of 2016, according to new Commerce Department figures.
The number of overall job additions in the U.S. slowed in December as the trucking industry shed some positions, while separate reports show a bit of softening in the factory sector, amid a new concern about the overall economic performance in the final part of 2017.
Two readings of the nation’s manufacturing sector showed solid increases in December with one showing the strongest growth in nearly three years while another report showed construction spending hit a record high.
While final economic numbers for 2017 have yet to roll in, economic growth was strong. Will it keep moving higher into the New Year? Analysis by Business Contributing Editor Evan Lockridge.
Uncertainty about tax reform was the likely culprit as a measure of consumer confidence retreated this month after hitting a 17-year high. However, expectations are the current quarter will show solid overall economic performance once more numbers start rolling in.
Manufacturing activity in the U.S. remains strong, despite small declines recorded in three reports, while the construction sector posted its biggest gain in nearly half a year.