The American economy looked like a drag just a few months ago. Not anymore.
A deceleration from the tax-cut stimulus of 2018, a sudden drop-off in consumer spending, a stock market crash and trade policy brinksmanship had economists warning of a giant pothole in the first quarter and a recession potentially around the corner. Even Kevin Hassett, the White House Council of Economic Advisers chairman, said in late January that there could be zero economic growth if the government shutdown lingered. What a difference a few months makes.
6% growth in March, indicating that shoppers' pullback in January and February didn't mean they were going into prolonged hibernation. New home sales have also bounced back, responding both to low mortgage rates and increased supply of more moderately priced homes than the luxury stock that had saturated the market over the last several years.
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