Trump effect: Fed raises fourth quarter GDP Forecast to near 4 percent
The New York Federal Reserve on Friday raised its estimate for fourth-quarter GDP closer to 4% after revisions of earlier data showed a stronger economy than previously thought.
The N.Y. Fed’s “Nowcast” forecasting model predicts that the economy is expanding at an annualized rate of 3.98 percent in Q4 – a .6% increase from last week’s 3.92% estimate.
NY Fed Nowcast 4q17
The regional central bank said that first quarter estimates were also revised upward to 3.15% from 3.12%.
The Atlanta Fed’s “GDPNow” forecast on Thursday was raised to 3.3% from the previous week’s 2.9 percent forecast adding credence to the New York analysis. Strong consumer spending is cited as the main driver for the increased economic activity.
The two regional banks estimates align with a just-released survey of consumer optimism that showed near-record enthusiasm for the economy.
The CNBC-America Economic Survey of 800 adults showed that 41% of those polled said they expect the economy to improve over the next year, nearing an all-time record. https://www.conservativedailynews.com/2017/12/trump-effect-fed-raises-fourth-quarter-gdp-forecast-near-4-percent/
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A new survey released Monday showed that Americans feel better about the economy now than at any point in recent history.
The CNBC-America Economic Survey of 800 adults showed that 41% of those polled said they expect the economy to improve over the next year, nearing an all-time record.
The poll also found that more than half of respondents rated the economy as good or excellent – a result not seen for at least 11 years.
Americans bullish on the economy
“We’re not measuring a marginal change in the economy, we’re measuring a different economy,” said Public Opinion Strategies’ Micah Roberts, a pollster for the survey. “”2017 is the year that Americans finally put the recession behind them in terms of their attitudes about the economy, and it took a change in leadership.”
Those asked largely attribute the economic optimism to President Donald Trump as they pushed his approval rating up 4 points in comparison to the September survey.
Progressive propaganda on tax reform is likely what is keeping the president from receiving higher approval numbers. The constant misinformation campaign from Democrats who assert that middle-income earners won’t see a tax cut actually have the majority believing that tax cuts will be bad for them. Recent polls show that 70% believe their taxes will stay the same or increase.
Experts widely expect that once the president’s tax reform is signed into law and American workers see their paychecks rise that Trump’s approval ratings will skyrocket. As the tax cuts fuel increased consumer and business spending, GDP growth could exceed 4% propelling the president to his highest ratings ever.
If Congress can pass the reconciled tax reform bill in the House and Senate this week and get it to the president for signing, the IRS has stated that the new tax tables would go into effect for February paychecks instantly increasing the paychecks for working families. https://www.conservativedailynews.com/2017/12/trump-effect-american-optimism-economy-11-year-high/
Funny! Yeah they would have to raise their projections to 4% because if they didn't then Trump would be able to get the 3% GDP he promised!
The first quarter was slowed by the carry over from the Obama regime that was in power the first quarter of it and then the actual establishment of our real American administration. It must be disappointing to you to see American economic success.
No, it's not disappointing at all.......what's disappointing is the fact that despite all evidence and facts to back up the contention that this is due to Obama's policies and economics you all still refuse to give him credit.
Obama deserves no positive credit concerning the economy whatsoever. Zero, zip, nada, none.
obamas new normal of 2% gdp was the best he could do (or wanted to do)
but it obviously was not the best "our country" could do.
bs. all obama had planned for us was the tpp and paris agreement along with even more regulations
so...
are you saying that obama planned for trump to kill the tpp and paris agreement to boost the economy?
and/or... are you telling me obama also planned for trump to kill thousands upon thousands of regulations?
bottom line is simple... obama did not do what it takes to get our economy going again... trump is doing those things and obama does not get credit for that.
the only real question is: did obama hold us back out of stupidity, ignorance, or malice?
skirting the CoC [ph]
With that nonsense of a budget they might pass? Forget all chances in 2020. Faghedaboutit!
my bet is we hit 5% gdp next yr...
just sayin
And Bush was not responsible for the housing bubble that caused that recession.
The republican economy is like flying an airplane, it accelerates quickly, you pull back on the stick and it goes up, you pull back harder and it goes up faster, yippee, then it slows down, turns around and plunges into the ground. Everyone associated then blames the airplane.
Except you are not able to bring up any evidence and facts about which Obama policies did the trick?
True, because the preceding administration thought it would be neat to require that low or no down payment mortgages be given to people unable to make the payments on them.
It was malice. An internally intensively felt malice.
I agree that we could hit 5% economic growth next year and 4% overall for the whole year.
There were none.
Do you actually read your comments before you post them? What you wrote makes zero sense.