New York City, NY – According to the latest GDP growth numbers, the American economy grew at an outstanding pace of 3.3% in the third quarter of 2017. This growth marks a three year record high as the economy comes back from the Obama-era Great Recession. This economic growth is bolstered by high consumer confidence and a booming stock market which has seen record highs on several occasions since President Trump took office.
The biggest factors which have contributed to this record GDP growth from the previous quarter are boosts in consumer spending, which rose by more than 2%, and business equipment spending rose by more than 10%, which reflects a trend among American businesses to purchase new equipment, in what is seen as a good sign for the manufacturing sector.
The major hurricanes from the early Autumn were a concern for economic advisors, many of whom predicted slowed economic growth due to their impacts on the southern United States. However, these concerns were unfounded and economic growth continued to this record pace undithered.
During the 2016 Presidential campaign, then candidate Trump promised to bring back higher levels of economic growth which was balked by many on the left, including President Obama. Even today many economists suggest that the growth cannot be sustained. However, with the massive tax reform and cuts plan to possibly take effect before January there is the potential for higher levels of economic growth.