The Latest U.S. GDP Reading Deserves a Closer Look

• To the surprise of investors and economists alike, the U.S. economy, as measured by the GDP, grew by 3.2% in the first quarter of 2019, blowing past consensus estimates of 2.3% growth.
• While the growth number of 3.2% is undoubtedly strong, the underlying data paints a mixed picture of the economy. The greater than expected growth came from historically more volatile components of GDP and slowed from the core components of longer-term stable and sustainable growth.
• Overall, investors should find comfort in the first quarter growth. These results confirm that growth is not stalling, but rather slowing, a natural side effect given the late stages of this economic cycle, even if the top line GDP numbers are extremely strong.

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