Is the U.S. Economy Too Strong?
Inflationary Pressures Build, Interest Rates Rise
Issue 23 – First Quarter 2018
The story of the economy has been akin to a Cadillac meeting a series of jolting potholes. It’s an uncomfortable ride, but the vehicle continues to progress, and it’s not clear whether or not any of the road imperfections are producing lasting damage. If one were to spend one’s time watching CNN, MSNBC, or any number of other media outlets, you would be pounded by news of chemical warfare, late-night bombings, tariffs on steel and aluminum, a burgeoning trade war between the world’s two largest economies, frequent terrorist assaults, surging oil prices, an uprising in Gaza, indictments, investigations, sentencing of presidential allies, and an ongoing set of inquiries that threatens the presidency itself.
- Inflationary Pressures Build, Interest Rates Rise
- Exhibit 1. Nonresidential Spending, March 2018
- Joeâ€™s View
- Exhibit 2. Nonresidential Construction Spending, March 2015 through March 2018
- Exhibit 3. Construction Employment Growth, 20 Largest U.S. Metropolitan Areas, March 2017 v. March 2018
- First Quarter 2018 Performance