Hopes of "Trump bump" for economy fade as growth forecasts shrink

While the June jobs report, coming on Friday, is expected to show that hiring continued at a healthy pace last month, other recent indicators in areas like consumer spending, construction and auto sales have been decidedly less robust.

As a result, Wall Street forecasters have been busy lowering their growth estimates for the second quarter, which ended last Friday, much as they were forced to do over the first three months of the year. Economic expansion for the full year now appears unlikely to be much greater than 2 percent — about the average for the current recovery, which celebrates its eighth year this month.

While hardly terrible, it is not the burst of growth — a “Trump bump” — that many expected to result from an upturn in consumer and business sentiment after President Trump’s election.