DM Monthly Newsletter – May 2017
Most Important Economy Grinds Ahead, Stocks Follow – While recently perusing the Federal Reserve Economic Data (FRED) website, we were struck by a chart showing real (or ex-inflation) US GDP growth over the past decade. As expected, output plunged in 2008/09 as the financial crisis unfolded and businesses and individuals collectively retrenched. Since economic activity bottomed in mid-2009, however, the recovery has been remarkably consistent, with American growth tracking along an almost perfectly straight upward tilting path.
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