Feb 28, 2019

The U.S. economy grew 2.9% in 2018

Courtenay Brown
Expand chart
Data: Bureau of Economic Analysis; Chart: Chris Canipe/Axios

U.S. gross domestic product grew at a 2.6% annual rate in the final quarter of last year, bringing 2018’s annual growth to 2.9%, the Commerce Department said on Thursday.

Why it matters: That's just shy of the 3% growth the Trump administration has touted. The shutdown-delayed GDP report marks a deceleration from the 3.4% growth rate seen in the third quarter. The BEA estimates that the shutdown — which was mostly in January, rather than in the fourth quarter — "subtracted about 0.1 percentage point from real GDP growth in the fourth quarter."

Go deeper

Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 1,363,365— Total deaths: 76,420 — Total recoveries: 292,425 — Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 368,533 — Total deaths: 11,008 — Total recoveries: 19,972 — Map.
  3. Trump administration latest: Peter Navarro warned White House colleagues in late January about the massive potential risks from the coronavirus.
  4. Public health update: Funeral homes are struggling to handle the pandemic.
  5. 2020 update: Wisconsin Supreme Court blocks the governor's attempt to delay in-person primary voting until June.
  6. Tech update: YouTube has removed thousands of COVID-19 videos for violating policies related to spreading medical misinformation.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingArrowUpdated 31 mins ago - Politics & Policy
Axios

Stephanie Grisham out as White House press secretary

Photo: Chip Somodevilla/Getty Images

White House press secretary Stephanie Grisham is departing her post to return to the East Wing as First Lady Melania Trump's chief of staff, the White House announced Tuesday. The news was first reported by CNN.

Why it matters: Grisham will leave after nine months without ever having held a formal press briefing. Her departure follows the arrival of new White House chief of staff Mark Meadows, who has a chance to overhaul a communications shop that's kept a low profile since President Trump ended the tradition of daily press secretary briefings.

Go deeperArrow50 mins ago - Politics & Policy
Dan Primack

WeWork board sues SoftBank

Illustration: Sarah Grillo/Axios

SoftBank was sued Tuesday morning by a special committee of WeWork's board of directors for alleged breaches of contract and fiduciary duty related to SoftBank's decision to cancel a $3 billion tender offer for WeWork shares.

Why it matters: SoftBank is viewed by many in the private markets as an unfaithful partner. If this reaches trial, that reputation could either become widely cemented or reversed.

Go deeperArrow56 mins ago - Economy & Business