With expectations increasing that first-quarter growth will be nowhere close to earlier projections, there's good news: The rest of the year still looks fine.
That point was driven home Friday when Bank of America Merrill Lynch became the latest Wall Street forecaster to knock down its growth estimates for the first three months of 2018. The firm's economists now see GDP rising at just a 1.7 percent pace, compared to the 2.3 percent as of its most recent estimate.
However, BofAML economists Michelle Meyer and Anna Zhou see the weakness as temporary.
There will be "a stronger payback" in the second quarter, with growth now projected to run at a 3.7 percent pace, which is an increase from the original 3.3 percent estimate, they said. The third quarter also got a forecast bump, from 3.3 percent to 3.6 percent.