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CBO downgrades economic growth projection for 2018

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CBO downgrades projections for 2018The U.S. economy will grow at 3.1 percent in 2018, according to updated projections by the Congressional Budget Office (CBO), down from its April estimate of 3.3 percent.

The updated estimate projects that 4.1 percent second quarter spike of real GDP will come back down in the third and fourth quarters.
"Such moderation occurs because several factors that boosted second-quarter growth— including a rebound in the growth of consumer spending from a weak first quarter and a surge in agricultural exports—are expected to either fade or reverse," the CBO report said.

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