The U.S. economy grew at a 3.2 percent annual rate in the third quarter of 2017, posting the best back-to-back quarterly growth rates in three years.
The Commerce Department originally projected real GDP to grow at a marginally higher rate of 3.3 percent off expectations that consumers would spend more money. While the economy’s third quarter growth figures fall slightly short of predictions, it is still up from 3.1 percent growth in the second quarter.
Some are predicting continued growth in the fourth quarter, anticipating steady market growth following the passage of Republican’s tax reform proposal.
The president and GOP leadership in Congress spent the entirety of 2017 telling the American people that if they could secure tax reform, domestic business and taxpayers would see some immediate benefits.
Republicans were able to make good on that promise Wednesday, passing the most extensive rewrite of the personal and corporate tax codes in more than 30 years.
American businesses responded almost immediately in what appeared to be a synchronized series of announcements about reinvesting in their employees and the nation.
AT&T announced Wednesday that it will provide “$1,000 bonus to more than 200,000 AT&T U.S. employees” and “invest an additional $1 billion in the United States in 2018.”
Comcast shortly followed suit, pledging $1,000 bonuses to hundreds of thousands of employees and $50 billion reinvestment in the U.S.
Boeing promises to put $300 million into reinvestment and charitable giving.
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