The U.S. economic growth slowed to a moderate 2.3 percent in the first quarter of 2018, according to media reports.
That means the country’s gross domestic product, the value of all goods and services produced in the nation, rose at a 2.3 percent annualized rate in the first three months of this year. That’s a steady rate, but still less than the 2.9 percent growth the U.S. experienced to close out 2017.
Bloomberg reported that analysts expect the economy to rebound again as tax cuts take affect in the already strong job market.
“The biggest question is what’s going to happen in the second quarter,” Jacob Oubina, senior U.S. economist at RBC Capital Markets, said in the Bloomberg article. “The labor market is seemingly still getting better, wages are finally starting to increase and you’re getting a tax cut on top of all that.”