Posted on 12/21/2017 9:52:48 AM PST by Oldeconomybuyer
WASHINGTON - The U.S. economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week.
Gross domestic product expanded at a 3.2 percent annualized rate last quarter, the Commerce Department said in its third GDP estimate for the period. Although that was slightly down from the 3.3 percent reported last month, it was the quickest pace since the first quarter of 2015 and was a pickup from the second quarter’s 3.1 percent growth rate.
It also was the first time since 2014 that the economy enjoyed growth of 3 percent or more for two straight quarters. Retail sales, labor market and housing data as well as other reports have suggested the economy maintained its solid momentum in the fourth quarter.
(Excerpt) Read more at reuters.com ...
#winning.
Chuck Schumer is deeply saddened.
It’s a win.
U.S. economy grows at fastest pace in more than two years .....
....Liberals and the Media are mystified as to how and why.
Thanks Oldeconomybuyer.
2 years? I never remember a 3% growth rate under Obama.
I’m sure it was agonizing for Rooters to report this.
There were a few Qtrs. with 3% growth under Obama.
The trick is sustained growth at that level. POTUS Trump is pushing for sustained Growth, not hit and miss.
The “average” growth during the Obama Presidency was 1.9%, and that was starting from the Cellar after the 2008 meltdown.
Obama had the slowest recovery in history. Facts is facts.
Thanks for the clarification!
OK, I am going to make a few predictions, and yes it has to do with the article. Thanks to deregulation, restraints on the expansion of government and the benefits of the recent tax law the US will see slightly above normal GDP of 4%. I say slightly above normal because that is true historically, but it is double what Obama’s excuse for a recovery gave us and much more than he and his toadies said was the “new normal”. Next, due to the repatriation of trillions of dollars of overseas profits coming back to the US and the ensuing income to the Treasury AND economic activity we will see A SURPLUS for 2018. As a result of little or no new federal debt the existing debt that is being re-issued will be valuable enough to sell at interest rates at about where they are now. That means a flatter but not inverted yield curve. The Fed has plenty of reasons not to raise short term rates too fast, so one or two 1/4 percent hikes will be it.
You are correct. It isn’t just the Tax Bill, it’s all the other things being done with Deregulation and Energy Independence that will have a cumulative effect.
This may be a “you ain’t seen nothing yet” moment for America, at least I hope so.
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