US Economic Growth to Rise Above 2%: Poll

Majority of the business economists have predictions about the possible growth of the US economy by more than 2 percent next year, amid the weakening business conditions as shown in the poll issued on October 23, Monday.

The increasing outlook for US economic growth takes place regardless of the low-profit estimate while uncertainties continuous due to complicated debates about trade and tax policy held in Washington, according to the National Association for Business Economics which include summarized survey of 85 economists for a quarter.

The growth forecast for real gross domestic product had "improved materially" for the month of October versus in July based on the report. There are 80% of the group that estimated the development will come in between 2.1 percent and 3 percent in 2018 and other 15% said it will reach between 1.1 percent and 2 percent.

However, the result of US growth is 3.1 percent during the second quarter as indicated in the official data and the progress for the first quarter was only 1.2 percent. In comparison to US growth in 2016 with 1.5 percent and 2.9 percent in 2015.

The poll also showed that most of the business economists are optimistic about future sales and many companies don’t find it difficult to hire new staffs in spite of lower levels of unemployment.

While the downside lies in the report that indicates a small number of firms are expecting for profit margins to increase over the July survey. Meanwhile, material costs for businesses had rise amid the low benchmark this month versus in the months of April and January.

Several companies that released their quarterly earnings presented that hurricanes as a determinant for tight supplies of petroleum-linked products led to a much expensive price of raw materials.