The pace of US economic growth slowed in the third quarter, according to recent data. But the pace is likely to be strong enough to keep growth on track to hit Trump's target at 3% this year. GDP grew by 3.5% over the YOY period, exceeding expectations of 2%.
The economy grew at a rate of 4.2% in the second quarter. While companies spent more on equipment than was thought at the beginning of the third quarter to offset the decline in consumer spending and exports.
The main reason for the growth of the economy is the pace of Trump's $ 1.5 trillion tax cutting package, which has spurred consumer spending and investment recovery, a tool adopted by the US administration to stimulate economic growth by 3% this year.
After tax, corporate profits rose 3.3% in the third quarter after rising 2.1% in the second quarter. On the other hand, the average GDP rose 3.8% from July to September, up from a 2.5% growth rate in the second quarter.
