- U.S. economic growth is likely to remain lower than many believe, at 2.0% to 2.5%, but high enough to create labor market shortages.
- The quarter's notable developments were the ECB quantitative easing program (which resulted in a sharply falling euro), weaker growth in China, bad weather (again), and slowing U.S. exports.
- Threats of labor scarcity are building, helping consumers but potentially sparking higher inflation and lower corporate profits.

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Robert Johnson, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s
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