‘Trump Economy’ Running Strong 3% GDP Despite Hurricanes
The US economy maintained a strong pace of growth in Q-3, as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.
US GDP increased at a 3.0% annual rate in the July-September frame after expanding at a 3.1% pace in Q-2 the Commerce Department said Friday.
Many economists polled by Reuters forecast the economy growing at a 2.5% pace in Q-3
With post-hurricane labor market, retail sales and industrial production data already showing an acceleration in underlying economic activity.
Friday’s report will probably have no impact on Fed monetary policy near term. The central bank is expected to increase interest rates for a 3rd time this year in December.
The economic recovery since the Ys 2007-2009 recession is now in its 8th year and showing little signs of fatigue.
Though US stocks have risen in anticipation of President Donald Trump’s tax reform. President Trump wants big tax cuts and fewer regulations to boost annual GDP growth to 3%+.
Have a terrific weekend.
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