THE TRUMP EFFECT: Economy On Track To Expand At Fastest Rate In 13 Years

During the 2016 campaign, Trump always said he would be a great president for the economy. So far, he has more than proved that to be true. The economy is growing and fast. In fact, it’s about to break another record.

The Associated Press reports:

US economy grew at brisk 3.5 pct. annual rate last quarter

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The U.S. economy expanded at a solid 3.5 percent annual rate in the July-September quarter, led by lower but still strong consumer spending and more business investment than previously estimated.

The Commerce Department’s figure for gross domestic product, released Wednesday, was the same as its first estimate last month. GDP is the broadest measure of the nation’s output of goods and services and covers everything from homebuilding to haircuts. Greater corporate investment offset downward revisions in spending by state and local governments and consumers.

The third quarter figure follows a robust expansion of 4.2 percent in the April-June quarter. Six months of healthy growth have put the U.S. economy on track to expand in 2018 at its fastest pace in 13 years. Still, economists forecast that growth will slow in the fourth quarter and decelerate further next year.

Borrowing costs are headed higher as the Federal Reserve raises short-term interest rates. That has lifted mortgage rates and weighed on home and auto sales. The Trump administration’s trade fights have also raised uncertainty for many companies and may cause them to delay investments. And the boost to consumer spending from last year’s tax cuts is likely to fade by next year.

This is why you only hear about things like Russia on CNN. They don’t want to discuss all the good things that are happening under Trump.

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