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Trump economy's sustained growth pace unlike anything seen in 13 years
2018 Jan 12, 1:06pm 947 views 0 comments
The Trump economy may be doing something not seen since 2005 —growth at a 3 percent or better pace for three quarters in a row.
Economists were ratcheting up fourth quarter growth to 3 percent or better after strong fourth quarter retail sales and strong revisions to prior months.
In the year since President Donald Trump has been in office, the economy has done something it has been unable to do since 2005 — maintain 3 percent growth for three quarters in a row.
While the final numbers aren't in, economists Friday were ratcheting up growth projections to 3 percent or better for the fourth quarter, after December's strong retail sales and revisions to prior months.
"It could even grow at 3 percent for the year. The numbers are very strong," said Joseph LaVorgna, chief economist Americas at Natixis. He forecasts an above consensus growth pace of over 4 percent for the fourth quarter.
"I think the policies matter. In particular, business investment which was lagging badly through much of the expansion and really started to pickup in the last year, I think that does have a lot to do with the attitude about regulation," said Stephen Stanley, chief economist at Amherst Pierpont.
"It certainly is the best economy of this cycle. It's the strongest we've seen. We had been averaging around 2 percent. It is unusual to get three [3 percent] in a row because typically you get get big swings. I think what you're seeing for the first time in the expansion is growth that's being driven by all the key components," he said.
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