U.S. Economic News
October 27, 2017
U.S. Economic Indicators
The first estimate of Q3 GDP indicates that the U.S. economy expanded at an annualized rate of 3.0%, above the consensus estimate of 2.5%. The reading reflects healthy consumer spending, business investment, and net exports as well as strong contributions from private inventories. BEA
The University of Michigan Consumer Sentiment Index jumped 5.6 points to 100.7 in the final October reading and is up 13.5 points on the year. The Index of Consumer Expectations increased 6.1 points to 90.5, and the Current Economic Conditions Index rose 4.8 points to 116.5. Report
U.S. News
The Wall Street Journal reports that the House of Representatives narrowly voted to adopt the Senate budget for fiscal year 2018, clearing another hurdle for tax reform. The House Ways and Means Committee now expects to release its tax reform bill by this coming Wednesday in hopes of having a bill on the president’s desk by the end of the year. WSJ
According to the Washington Post, Congressional Republicans still have not yet resolved critical points of disagreement on their tax reform plan. Key sticking points include the treatment of 401(k) plans, the deduction of state and local taxes, and expansion of the child-care tax credit. WaPo