Carney: The Trump Economy Keeps Humiliating His Critics

NATION-NOW     Economy grew brisk 3% in Q3 despite hurricanes     
       Economy grew brisk 3% in Q3 despite hurricanes

Residential construction declined. But trade added 0.4 percentage point to growth, with exports growing briskly while imports fell. Core prices - which exclude food and energy components - increased at a 1.3% rate in the third quarter after rising 0.9% in the second quarter.

On Thursday, the GOP-controlled House passed a proposed budget that would provide for $1.5 trillion in tax cuts over the next decade.

Kenneth Rogoff, a professor of economics at Harvard University, said the growth reflects improvement in the labour market and other areas that date back to the Obama administration.

Democrats and many economists have challenged that forecast as unrealistic.

Economists now expect the economy to grow at a 2.7 percent pace for the rest of the year.

27—The U.S. economy expanded at an annual rate of 3 percent during the third quarter of 2017, according to Associated Builders and Contractors analysis of gross domestic product (GDP) data released today by the Bureau of Economic Analysis. The IMF has had to revise its economic growth predictions higher two times this year. It was the strongest two-quarter showing since back-to-back gains of 4.6 percent and 5.2 percent in the second and third quarters of 2014.

Even hurricanes weren't enough to stop impressive growth in the economy.

Shutdown in IOK as Kashmiris observe Black Day
Senior Minister AJK Tariq Farooq said the people of Kashmir would continue their legal and genuine struggle to break the shackles of slavery.

The economic recovery since the Ys 2007-2009 recession is now in its 8th year and showing little signs of fatigue. But the number was revised upward again, to 3.1 percent.

U.S. Travel said that numerous hurricane-related job losses were due to employees being off payrolls or otherwise unable to work during the storms because they had evacuated or because their establishments were not open for business due to power failures and other effects of the hurricanes.

He said he was looking for growth of 2.1 percent this year and assuming that the Trump administration is successful in getting at least a modest tax cut measure through Congress, growth in 2018 could accelerate to 2.5 percent. The services category was possibly adversely impacted by hurricane activity.

Before those catastrophic storms hit, economists had been expecting an even stronger showing for the third quarter - as high as almost 4 percent, according to the Atlanta Federal Reserve Bank's GDP Now forecast. Consumer spending, which makes up the majority of economic activity, rose a healthy 3.3%.

The U.S. economy unexpectedly grew during the third quarter as an increase in inventory investment and a reduced trade shortage compensated for the hurricane-related shortage in consumer spending and the drop for construction. A month later, economists predicted a slight upward revision to 2.7 percent and were surprised when the Commerce Department's second reading in August said the economy grew at a 3.0 percent rate.

Government spending fell at a 0.1% rate.

Many analysts believe growth in the current quarter will come in around 2.7 percent.

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