I’m getting really sick and tired of economic analysts talking down the U.S. economy even when they are surrounded with resoundingly good news. These economic control agents are furious that President Trump is deconstructing their decades-long lies; and showing just how manipulated the U.S. economy has been – by elites, to the detriment of the middle-class…. I digress:
Despite the devastating hurricanes in August and September the Third-Quarter GDP grew at a revised upward rate of 3.3%. Third quarter growth was initially reported at 3%.
BLOOMBERG – The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies than previously estimated, Commerce Department data showed Wednesday.
The 3rd quarter (July, Aug, Sept) growth was led by business-equipment spending which rose at a 10.4% pace, a three-year high, revised from the initial report of 8.6%. CTH has continually highlighted that capital investment and capital equipment purchasing is a key to see how confident businesses are in the future.
BLOOMBERG – […] While the revised growth rate is in line with President Donald Trump’s goal, economists generally see such a pace as unsustainable and expect growth to slow sometime in 2018. Trump and congressional Republicans are pushing a tax-cut plan with the aim of lifting GDP gains to 3 percent annually, though analysts expect any economic boost to be modest, on balance, if the proposal becomes law.
[…] Consumer spending, which accounts for about 70 percent of the economy, continues to be the main driver of growth, though revisions showed it was slightly weaker than previously estimated on purchases of both durable and nondurable goods.
The biggest improvement came in business investment, which made a 1.2 percentage-point contribution to growth, up from 0.98 point in the initial estimate a month ago. (read more)