The U.S. economic system maintained robust progress in keeping with the most recent authorities estimates within the newest instance of fine financial information.
The Bureau of Financial Evaluation introduced on Oct. 27, that the primary estimate of third quarter progress was three p.c. There are two revisions to return earlier than the top of 2017. Nevertheless it remained optimistic information, particularly for the reason that BEA additionally confirmed that second quarter progress was three.1 p.c due to shopper spending and enterprise funding.
The printed night information packages ignored that good financial information — similar to they ignored the three p.c GDP announcement in August. Nevertheless, many different information organizations — from NPR to CNBC — famous the optimistic end result.
All through Donald Trump’s presidency the networks have minimized and ignored optimistic financial information, despite the actual fact many individuals voted for him considering his insurance policies would enhance the U.S. economic system.
U.S. Information & World Report stated the economic system confirmed “resilience,” Many different media shops reported the robust third-quarter progress. Enterprise Insider exclaimed, “GDP hits three%, crushing estimates regardless of hurricanes.” Reuters Breakingviews additionally talked about the “nice shock” for GDP and talked about different “optimistic indicators” within the total economic system.
“Economists had forecast that progress slowed from the second quarter to an annualized tempo of two.6%,” Enterprise Insider wrote (citing Bloomberg).
NPR additionally reported the information acknowledging the “economic system grew quicker than analysts had anticipated.”
“Collectively they symbolize the quickest six-month interval of progress since 2014,” in keeping with NPR.
President Donald Trump has claimed he’ll oversee an economic system rising at an annual price of three p.c or greater, however solely time will show that declare since — thus far — solely two quarters have proven three p.c progress.
CNBC reported that, “Trump might not but have delivered on his guarantees of infrastructure spending, health-care reform or tax reform, however some economists say one issue behind the pickup within the economic system could also be associated to optimism in regards to the future primarily based on expectations for tax cuts and his pro-growth insurance policies.”