April 2019 Economic Recap
Just before U.S. GDP for the first quarter of 2019 was released, the IMF lowered global growth expectations to the lowest since 2009, marking the third downgrade by the IMF in six months. However, U.S. GDP for the first quarter of 2019 surprised to the upside at a 3.2% pace. Growth was far above expectations and up from 2.2% in the fourth quarter of 2018. Strength came from exports, business investment and government spending, while residential investment and consumer spending weighed on the report.
The April employment report maintained this show of strength with nonfarm payroll gains of 263K. The gains were significantly higher than expectations, with the report also highlighted by a drop in the unemployment rate from 3.8% to 3.6%.
Trade talks with China continued as a tentative schedule through early May was released, involving two face-to-face meetings in China as well as a meeting in Washington.
For a deeper consideration of the economic data released during April, please follow the links below: