U.S. Economy: No crying at this party! | KPMG | US

U.S. Economy: No crying at this party!

U.S. Economy: No crying at this party!

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Chief Economist

KPMG in the U.S.

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Current outlook including comments on consumer spending, business investment, the recent hurricanes and continued recovery.

  • The upside surprise of headline GDP at 3.0% gives the impression the hurricanes had little effect on GDP
  • GDP would likely have been closer to 3.7% without the hurricanes and final sales of domestic goods shows a decline in the recent trend for consumption by consumers and businesses
  • Services consumption slowed to 1.5%, likely due in part to the hurricanes which curtailed eating out and recreation in the third quarter
  • Higher inflation measures support the Fed’s belief that the economy can generate inflation levels consistent with a normal recovery
  • The preliminary Q3 data support a Fed rate hike in December and a steeper yield curve going into 2018

For more, download the latest U.S. update from KPMG’s Chief Economist Constance Hunter.

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