U.S. Economy Grew 3% in Third Quarter

“The U.S. economy grew robustly in the third quarter despite two hurricanes, propelled by steady spending from American businesses and households,” according to The Wall Street Journal. “Gross domestic product, the broadest measure of goods and services made in the U.S., expanded at a 3% annual rate in July through September, the Commerce Department said Friday.”

The Cabinet department pointed to business investment and consumer spending as part of the causes for growth. However, they also point out the reports are based on incomplete third quarter data. “The “second” estimate for the third quarter, based on more complete
data, will be released on November 29, 2017.”

Many, including House Ways and Means Committee Chairman Kevin Brady (R-TX), note that the 3% number is impressive in light of the devastation and job losses caused by Hurricanes Irma and Harvey.

He and other Republicans are also highlighting tax reform’s potential to accelerate economic growth still more. His official statement promised to deliver on reform: “Working with President Trump and the Senate, we will deliver on our tax reform promise this year—ushering in a new era of growth for the American people.”