Looking Under GDP’s Hood

(1) Growth is good and getting better. (2) The Q1 curse hitting Citigroup Economic Surprise Index. (3) Year-over-year growth in real GDP still more like 2.5% than 3.0%. (4) Will Trump’s tax cuts boost economy’s cruise speed? (5) Capital spending rebounding smartly, led by equipment spending. (6) Information processing equipment and software among the strongest components of capital spending. (7) Transportation equipment spending recovering from recent dip. (8) R&D at record high. (9) Inflationary pressures remain subdued in GDP.