As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. Morgan Stanley's revision came at a pivotal time for the Biden White House. "Together we are transforming the country, not just through jobs, not just through manufacturing, but also by rebuilding our infrastructure," Biden said Thursday during a visit to a Philadelphia shipyard. The White House has dubbed this brick-and-mortar economic growth formula "Bidenomics," a phrase originally used by Republicans to jab the president, who co-opted the term as a badge of honor. "This report confirms what we've long said: Our strong and resilient economy is Bidenomics in action," White House assistant press secretary Mike Kikukawa said in an email to CNBC.

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Persons: Joe Biden, Jill Biden, WASHINGTON — Morgan Stanley, Joe Biden's, Ellen Zentner, Morgan Stanley, That's, Zentner, Morgan Stanley's, Biden, Kevin McCarthy, Mike Kikukawa Organizations: Marine, WASHINGTON, Biden's Infrastructure Investment, Jobs, Biden White House, Philadelphia shipyard, CNBC, America Economic Survey, Republicans, House Locations: Washington , DC, U.S, Philadelphia, America