Business, Money Matters

Robust Economic Growth in the U.S. economy for Spring 2017

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A strong rebound in the spring has the U.S economy growing at the fastest pace in over 2 years. The GDP (Gross domestic product) is a broad measurement of a healthy economy and current reports show it growing at a rate of 3% annually in April to June. this is the highest percentage following from a 3.2% gain in the 1st quarter of 2015

Paul Ashworth, chief U.S. economist at Capital Economics, believes that the strong consumer spending will likely result in an “even stronger hand-off” for growth into the current quarter, he also predicts that GDP will  grow close to 3% in the current quarter.

Spending on automobiles is largely responsible for strength in the 2nd quarter with consumer spending growing at 3.3%, the best numbers in a year and up from estimates of 2.8%. Business investment improved at 6.9% showing increased spending on intellectual property, equipment and structures. 

President Trump has continually attacked President Obama's economic record and has pledged to double GDP growth to 4% or higher. His first budget projects growth rates climbing to a sustained annual rate of 3%,  although many economists believe that this is too optimistic. 

 

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