US economy healthy, consumer spending expected to be robust up till mid 2018

Latest economic indicators are positive as GDP grew at an annual rate of 3.1 per cent in the second quarter of 2017, according to the third estimate by the Bureau of Economic Analysis. (In the first quarter, real GDP increased 1.2 per cent.) Unemployment declined to 4.2 per cent in September.

Consumer confidence surged in early despite inclement weather in the US south. The University of Michigan’s consumer confidence index was at its highest since the start of 2004.

Spending is expected to be robust until at least mid-2018. Almost all manufacturing industries including wood products reported growth in September, according to the Institute for Supply Management. Only the furniture industry reported contraction in September from the previous month.

 

Source: ITTO