Free Republic

NEW YORK (Reuters) - The U.S. economy is on track to grow at a 5.4 percent annualized rate in the first quarter following the latest data on manufacturing and construction spending, the Atlanta Federal Reserve’s GDPNow forecast model showed on Thursday.

The growth rate of real gross domestic product (GDP) is a key indicator of economic activity, but the official estimate is released with a delay. Our GDPNow forecasting model provides a "nowcast" of the official estimate prior to its release.Recent forecasts for the GDPNow model are available here. More extensive numerical details—including underlying source data, forecasts, and model parameters—are available as a separate spreadsheet. Latest forecast:4.2 percent —January 29, 2018 The initial GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2018 is 4.2 percent on January 29. The advance estimate of fourth-quarter...

The U.S. Fourth Quarter GDP growth was reported two days ago at 2.6% and that stunned everyone who were expecting a much higher number. All U.S. economic indicators including U.S. Holiday consumer spending, which accounts for around two-thirds of total GDP, were off the charts in the fourth quarter growing +5.5% over the prior holiday.

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2017 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. The Bureau emphasized that the fourth-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 3). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 28, 2018. The increase...

Here's a prediction: You won't be hearing Donald Trump crowing about U.S. economic growth under his administration, at least not for a while. Since the presidential campaign, Trump and his minions have been predicting that his policies would bring an increase in annual growth of better than 3% a year. They broke out the Champagne after the figures for the second and third quarter of 2017 showed annualized growth in excess of 3%. Turns out that was premature. The first reading of real growth domestic product for the fourth quarter of 2017 was published Friday by the government's Bureau of...

Those were the thoughts of JPMorgan Chase & Co. CEO Jamie Dimon, who offered a forecast for U.S. economic growth that outstrips even some of the more bullish economists. Speaking during an interview with Fox Business’s Maria Bartiromo on Tuesday, Dimon said the recently signed tax legislation, which cuts the corporate tax rate to 21% from 35%, is likely to support higher levels for the Dow Jones Industrial Average DJIA, +0.45% the S&P 500 index SPX, +0.29% and the Nasdaq Composite Index COMP, +0.13% which have already rung up all-time highs in first several sessions of 2018, after a record-setting...

Can't find simple charts revealing obamas 8 years of sub 3% GDP. Can find articles but no detailed govt. source such as Dept. of Com. All help is appreciated.

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...

NEW YORK (Reuters) - The New York Federal Reserve on Friday raised its estimate of U.S. gross domestic product growth for the fourth quarter of 2017 closer to 4 percent, based on revisions of prior data that suggested stronger economic activities.

The Trump economic boom is picking up steam as American heads into the final weeks of the president’s first year in office. The Federal Reserve Bank of New York’s Nowcast, which attempts to estimate economic output based on the latest releases of data, now says GDP appears to be growing at a 4% annualized rate in the fourth quarter. That is the highest level on record for the Nowcast, which was launched just two years ago. The Nowcast was revised up primarily due to positive impacts of revisions of earlier data, the New York Fed’s website said Friday. A similar...

Rosy economic statistics showing a robust 3.3% annual growth in gross domestic product and an all time low in the unemployment rate for Hispanics prompted former President Barack Obama to assert that "the real credit for this good news belongs to me." "Trump wants everyone to believe that his relaxation of regulations and championing of tax cuts deserve the credit," Obama said. "What he and everyone else is overlooking is that the stringent regulations and high taxes that prevailed for my eight year term built up the 'coiled spring' pressure that, when released by Trump's moves, allowed the economy to...

According to a report from the Tax Foundation, Americans spent $409 billion (2.2 percent of GDP) on tax compliance in 2016. This works out to 8.9 billion man-hours wasted preparing tax returns, which is the equivalent of roughly 4 million full time jobs. The Tax Foundation’s figure includes time spent by individuals preparing and filing their taxes, and money spent by individuals and corporations on tax services provided by accountants and lawyers. Essentially, it is wasted money. The billion dollar question: why does America waste so much money doing taxes? Because of complexity. The US Tax Code is so inordinately...

The Trump administration releases their budget, but the numbers are based on an major assumption. MSNBC's Stephanie Ruhle explains why relying on a 3% growth rate for our GDP is just "pie in the sky." This is a short 2 min video under their series "For Facts Sake" - have to watch it to see this smug elitist in the media. They were as confident in this as they were in Hillary winning.

The fiscal 2018 budget, due to drop Tuesday, will likely reflect assumptions that economic growth of 3 percent or more will make President Trump's spending proposals work. Those are bad assumptions, according to a new research paper from the Committee for a Responsible Federal Budget.... But the number is unrealistic, said Marc Goldwein, senior policy director at the bipartisan CRFB, in a press briefing. A more credible number is just south of 2 percent, more than a percentage point below the 3.2 percent average annual rate the U.S. has enjoyed since 1950.... "The bottom line," said Goldwein, "is we should...

With the political world deeply focused on the question of whether the Trump administration comprises a gang of Russian pawns, less attention has been devoted to more mundane questions, such as what ever happened to Trump’s economic policy? As it happens, economists are keeping their eye on that ball, and their conclusion is that it’s in a bad way. More specifically, they recognize that Trump’s policy is aimed heavily at achieving annual economic growth of more than 3%... The U.S. hasn’t had sustained real annual growth (that is, over inflation) of better than 3% since the 1990s, with a brief...

The economy’s rate of economic growth was revised up Wednesday to the fastest pace in three years, the Commerce Department said Wednesday. Gross domestic product grew at a 3.3 percent annualized rate in the July through September period, an increase from the previous estimate of three percent. The increase means economic growth was stronger in the third quarter than previously believed despite the damage done by hurricanes Harvey and Irma The revision also shows that the economy has been growing at a rate closer to what President Donald Trump said he would achieve than what many economic forecasters thought was...

U.S. third quarter gross domestic product was revised upward this morning, to 3.3% growth. Unexpectedly, of course, in the minds of analysts, who see no connection between a broadly free market president who is determined to do right by the American people, and results like these. Tired of winning, yet? Yet there is a connection. The free market is happily responding to thousands and thousands of regulations being cut, an end to business being targeted as the enemy, and the prospect of fairer taxes in the future. And what it means is jobs, jobs, jobs, and lots of investment bringing...

President Trump’s policies have decreased the Debt to GDP ratio by 1% while at the same time the Atlanta Fed announced yesterday that the 4th Quarter GDP estimates have increased by 0.2% to 3.4%. Since his inauguration President Trump has focused his efforts on the security of the country and on the prosperity of its economy. The results of his actions are taking shape.The US GDP has increased each quarter in 2017 with the 3rd Quarter GDP increasing to $19.496 trillion – the highest GDP for any country in world history.On the other hand, the President has curtailed US spending....

President Trump’s policies have decreased the Debt to GDP ratio by 1% while at the same time the Atlanta Fed announced yesterday that the 4th Quarter GDP estimates have increased by 0.2% to 3.4%. Since his inauguration President Trump has focused his efforts on the security of the country and on the prosperity of its economy. The results of his actions are taking shape.The US GDP has increased each quarter in 2017 with the 3rd Quarter GDP increasing to $19.496 trillion – the highest GDP for any country in world history.On the other hand, the President has curtailed US spending....

The U.S. economy is on track to grow at a 4.5 percent annualized pace in the fourth quarter even as data showed domestic factory sector growth retreated from a 13-1/2 year peak in October, the Atlanta Federal Reserve’s latest GDPNow forecast model showed. The latest estimate for fourth-quarter gross domestic product growth was faster than the 2.5 percent growth rate calculated on Monday, the Atlanta Fed said. Meanwhile, the number of Americans filing for unemployment benefits fell to a near 44-1/2-year low last week, supporting expectations of a sharp rebound in job growth in October after employment was depressed by...