At Econbrowser: Steady economic growth continues, by James Hamilton. The title says it all.
Well, the title says most of it. There is also this:
U.S. real GDP grew at a 3.0% annual rate in the third quarter. That is close to the long-term historical average of 3.1%, and better than the 2.1% we’ve seen on average since the Great Recession ended in 2009.
And this:
The U.S. remains clearly in the expansion phase of the business cycle.
So that's all good.
No doubt Hamilton's blog-buddy Menzie Chinn has also noticed the improvement in GDP growth. I wonder if Chinn remembers his old Making American Growth Great (by Spaceology*) from January of this year:
From the Trump-Pence website:
DONALD J. TRUMP’S VISION
…
Boost growth to 3.5 percent per year on average, with the potential to reach a 4 percent growth rate.
Menzie said growth in the 3.5-4% range was "unlikely". I wonder what he'd say today.
1 comment:
CNBC:
"Based on recent economic data, the gross domestic product is headed for a 4.5 percent annualized growth pace in the fourth quarter, according to the Atlanta Fed's model, called GDP Now. That would be a sharp pickup from the third quarter, which the government's initial estimate pegged at a 3 percent growth rate...
The Trump administration has promised to spur GDP growth to 3 percent a year or more. Most economists private think a sustained 3 percent growth rate is optimistic."
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