Laserfiche WebLink
REDWOOD CITY <br />Economic Growth Remained Strong in Third Quarter <br />For the Quarter Ended December 31, 2017 <br />Market Update <br />• Gross domestic product (GDP) increased at an annualized rate of 3.2% in the third quarter of 2017, the fastest pace of expansion over <br />two consecutive quarters since 2014. Growth has averaged 2.3% over the last four quarters. <br />• The acceleration in third quarter GDP reflected positive contributions from personal consumption and business investment boosted <br />primarily by a rise in private inventories and exports. This acceleration was offset by negative contributions from residential housing. <br />U.S. Real GDP <br />QoQ, SAAR <br />6% <br />4% <br />2.7% 2.7°/R <br />2% ---- <br />0% ■ • <br />Bloomberg Survey of <br />3.1%3.2% <br />Economists <br />1.9% 11 <br />-2% <br />r N co N co r N co N Cn I N Cn I r N co <br />2013 2014 2015 2016 2017 2018 n <br />v <br />ca <br />CD <br />Source: Bloomberg, as of December 2017. SAAR is seasonally adjusted annualized rate. Orange dashes denote four -quarter averages. IV <br />O <br />PFM Asset Management LLC 15 <br />