Jay Soloff

Economists believe US growth was slowing even before the government shutdown hit. According to Bloomberg's median forecast of economists, GDP grew at 2% this past quarter - down from last quarter's 2.5% rate. The decrease was likely due to a drop in consumer spending, which those surveyed projected at 1.6% growth. That would mark the lowest growth rate since 2011. Keep in mind, consumer spending is 70% of GDP in the US. That's why reducing the unemployment/underemployment rate is so vital to the domestic economy. It's the rank and file US consumer who drives growth. As such, the more money and job security the average worker has, the more consumer spending should grow - and that's good for everyone. For a more detailed look at the Bloomberg forecast, follow the link below: (VIEW LINK)


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