U.S. Economy: Get ready for extra innings | KPMG | US

U.S. Economy: Get ready for extra innings

U.S. Economy: Get ready for extra innings

Outlook on continued recovery, Fed rate hikes, other topics, along with an analysis of the economic impact of Hurricanes Harvey and Irma. For more, read the latest U.S. Update from KPMG’s Chief Economist Constance Hunter.

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  • The Federal Reserve took a pause in its rate-hiking cycle, which is likely to last until December
  • Trends under way before Hurricanes Harvey, Irma and others on the horizon should remain in force
  • The impact from Harvey and Irma could shave up to 0.8 -2.1% off Q3 GDP
  • Consumption last quarter was steady as a result of continued jobs growth and some better wage data
  • The recovery could well become the longest in post-WWII history, exceeding the current 11-year record
  • Despite this, the slow pace of growth and modest inflation limit the Fed’s ability to “normalize” interest rates

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