It seems noticeable that the American economy is on a tear as shown in the economic model of the Atlanta Federal Reserve. The Atlanta Fed’s GDPNow indicates that the gross domestic product is moving high towards 4.5 percent annualized growth pace in the last quarter. This further shows a sharp increase from the third quarter with an initial 3 percent growth estimate by the government. The basis of the model projection uses the current and multiple measures of economic activity in order to formulate the forecast to where the overall direction of the economy. On Monday, the latest forecast for the GDP in Q4 is faster versus the 2.9 percent rate showed in the model, according to the Federal Reserve Bank of Atlanta. The forecast was upgraded despite the decline of the U.S. factory output data from its 13-year high in October. Moreover, the Bureau of Economic Analysis is scheduled to issue on January 27 its advanced outlook for the last three month of 2017. Nevertheless, the final tally of the bureau came in at $19.5 trillion economy which will not be issued until March 30 which will be adjusted after. As of this moment, the GDP projection will take a closer look at the Congress, Federal Reserve, and White House. The Trump administration pledged to stimulate GDP growth by 3 percent for a year or more. Meanwhile, Congressional Republicans considered a faster economic growth to recover revenue losses in the proposal of tax reductions. The Fed Reserve officials are closely monitoring the development and pushed the rates higher after almost 10 years of maintaining slow rate growth.
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