The economy is growing past what many predicted was possible, but some analysts and officials are wondering if warning signs are being missed.
By Heather Long Heather Long Economics correspondent Email Bio Follow May 3 at 6:20 PM The U.S. economy again defied expectations in April, as another month of strong hiring and falling unemployment forced experts to reevaluate just how good the economy can get — and how long the current expansion can last.
Some expressed concerns about rising debt after the Trump administration undertook heavy borrowing to fund tax cuts and additional government spending to boost growth. President Trump is actively pushing for more, including a $2 trillion infrastructure package, additional military spending and extra stimulus from the Federal Reserve.“ ‘Spectacular’ is the only way to describe this jobs report,” said Sung Won Sohn, an economist at Loyola Marymount University and SS Economics.
While there are some signs of slowing — job growth this year is averaging 205,000 a month, down from 223,000 last year — the pace remains well above forecasts. And the abundance of “we’re hiring” signs and online job postings is luring people who weren’t necessarily looking for a job back into the labor market.
Right now the vital signs look solid. Much of U.S. economic growth is driven by consumer spending, and people are expected to keep spending given that jobs are plentiful, wages are rising for many and optimism about the economy is at the highest levels since about 2000, according to Gallup polls. “You have to give the White House some credit on the productivity front. There’s been a clear change there,” said Doug Holtz-Eakin, an economist who advised John McCain’s presidential campaign. “It’s very encouraging, but you can’t celebrate too soon.”
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