On Economic Forecasting and Future Predictions

Today’s economic headline:  U.S. economy grew at 1.6% annualized rate in the first quarter.

What does the number mean?  Here is a cautionary note:

Economists, businesses and pundits spent last year predicting a recession that never happened. How could so many get it wrong?    

The bottom line:  Predictions about the economy are more about what’s going on in the present than what will happen in the future. (Axios)


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