Tags: atlanta | fed | gdp | growth | forecast

Atlanta Fed Raises 3rd-Quarter GDP Growth Forecast to 2.3 Percent

Image: Atlanta Fed Raises 3rd-Quarter GDP Growth Forecast to 2.3 Percent
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Friday, 29 September 2017 11:33 AM

The U.S. economy is on track to grow at a 2.3 percent annualized pace in the third quarter, based on the latest data on advanced trade on goods, consumer and construction spending, the Atlanta Federal Reserve’s GDP Now forecast model showed on Friday.

The latest estimate for third-quarter gross domestic product was faster than the 2.1 percent growth rate calculated on Sept. 27, the Atlanta Fed said.

Friday on Wall Street, the stock market’s focus also remained firmly on President Donald Trump’s tax plan and his ability to push it through Congress.

Trump’s plan called for tax cuts for most Americans, but drew criticism that the plan favors business and the rich and could add trillions of dollars to the deficit, Reuters explained.

“For the market the most important thing is tax cuts for the corporations and that, most likely, will not be tampered with,” said Peter Cardillo, chief market economist at First Standard Financial in New York.

“But any disappointment going forward, would certainly take the wind out of this market as it has rallied on hopes of cuts.”

The dollar was on track for its biggest weekly rise in 2017 after Trump’s tax plan, while the three major Wall Street indexes were set to lock in gains for the month and the quarter.

© 2018 Thomson/Reuters. All rights reserved.

   
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The U.S. economy is on track to grow at a 2.3 percent annualized pace in the third quarter, based on the latest data on advanced trade on goods, consumer and construction spending, the Atlanta Federal Reserve's GDP Now forecast model showed on Friday.The latest estimate for...
atlanta, fed, gdp, growth, forecast
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2017-33-29
Friday, 29 September 2017 11:33 AM
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