Strong US economic growth continued into the fourth quarter of 2017; smashing expectations and beating previous estimates as the national recovery continues under President Trump and the GOP-controlled Congress.
According to CNBC, the GDP rose by 2.9% towards the end of the President’s first year, topping expectations of an already-healthy 2.5% and posting the largest gains in consumer spending in over three years.
“Gross domestic product expanded at a 2.9 percent annual rate in the final three months of 2017, instead of the previously reported 2.5 percent, the Commerce Department said in its third GDP estimate for the period on Wednesday. That was a slight moderation from the third quarter’s brisk 3.2 percent pace,” writes CNBC.
The new data shows the US economy soaring back to life with low-unemployment, higher wages, and expanded benefits following the recently passed GOP-sponsored tax cuts.
Last week, President Trump vowed to implement “Phase Two” of his overhaul of the nation’s tax code; seeking to make lower individual and corporate rates “permanent.”