The U.S. economy expanded at a strong 3 percent rate this summer, advancing President Trump’s goal of faster economic growth and potentially providing a tail wind to Republican efforts to overhaul the tax code. The robust pace of economic growth defied analysts’ expectations that activity might slow in the third quarter, from July through September, because of Hurricane Harvey. Under President Barack Obama, the economy grew an average of 2.1 percent a year, although he also had many ­quarters where growth exceeded 3 percent. There’s a heated debate among economists over how much Trump’s tax plan, which is being finalized now, will bump up growth. Goldman Sachs forecasts only a modest increase of 0.1 to 0.2 percentage points in economic growth if Congress passes the tax bill.

Source: Washington Post October 27, 2017 21:26 UTC