What to Expect From the U.S. Economy in 2018

The transcript discusses the current economic cycle's potential to surpass the longest on record, with projections for 2018 indicating growth driven primarily by consumer spending. The consumer's role is emphasized as a key driver of economic growth, supported by a strong labor market and positive economic data. Surprise indicators show that hard data is catching up to soft data, suggesting momentum into 2018. The discussion also touches on the differences between hard and soft data, especially in the context of post-election economic trends. Finally, the potential risks and the importance of consumer spending in sustaining growth are highlighted.

What role does the labor market play in the economic recovery mentioned in the text?

What are the risks mentioned regarding consumer spending and economic growth?