GDP is a backward-looking indicator. Today’s headline figure reflects the end of the Biden economic disaster, not the beginning of the economic boom that President Trump is delivering.
January growth, especially in consumer spending — which has an outsized weight on the Q1 figure — was hampered by colder-than-usual weather and California wildfires, and mostly occurred before President Trump took office.
Core GDP grew at a robust 3.0%. This signals strong underlying economic momentum that occurred after President Trump’s inauguration.
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