Despite the Hurricanes Trump was able to achieve 3.0% GDP once again in Quarter 3.
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The U.S. economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction.
Gross domestic product increased at a 3.0 percent annual rate in the July-September period after expanding at a 3.1 percent pace in the second quarter, the Commerce Department said on Friday.
The department said while it was impossible to estimate the overall impact of hurricanes Harvey and Irma on third-quarter GDP, preliminary estimates showed that the back-to-back storms had caused losses of $121.0 billion in privately owned fixed assets and $10.4 billion in government-owned fixed assets.
This comes as shock due to the fact that most experts claimed the GDP would not reach 3.0%.
Economists polled by Reuters had forecast the economy growing at a 2.5 percent pace in the third quarter. Excluding inventory investment, the economy grew at a 2.3 percent rate, slowing from the second quarter’s 2.9 percent pace.
Now, of course, the left and media will try and give this credit to Obama but as we will show that shouldn’t be the case.
Though U.S. stocks have risen in anticipation of President Donald Trump’s tax reform, the administration has yet to enact any significant new economic policies. Trump wants big tax cuts and fewer regulations to boost annual GDP growth to 3 percent.
If you look at the last quarter of Obama Presidency you notice that he never hits a 3.0. He peaks at 2.8% and has two quarters at less than 2.0%. You then fast forward to the first GDP of Trump’s administration and you have an awful 1.2%.
So what does this show us?