Economic news

U.S. economy seemingly grew in October-December period due to spending increase

The economy of the United States seemingly gained momentum in the October-December period, helped by growth of spending among companies and individuals, which raises chances of hitting the government’s target of 3% growth for 2018.

GDP must have gone up at a 3% yearly rate pushed as well by a revival in construction investment and a rise in government expenditures, as a survey by Reuters shows.

The solid expansion is expected regardless of forecasted trade and inventory investment pull-backs. It would come after a 3.2% growth of July-August quarter and become the first case since 2004, when the economy demonstrated expansion of 3% and above for three quarters in a row.

The advance assessment of 2017’s last-quarter GDP is to be published today by the Commerce Department. The U.S. economy’s active rise is happening at the time of a global jump that is also taking place in the EU and Asia.

President Trump’s plan for big tax reduction, which was implemented at the end of last year when the bill was approved by the Congress with the Republican majority, the most significant revamp of the tax system in 30 years, has also played its role.

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