(Bloomberg) — The U.S. economy is poised for its best back-to-back quarters of growth since 2014, handing President Donald Trump a $20 trillion talking point just in time for the midterm congressional elections.
The report due Friday, the last data before the Nov. 6 vote, will show gross domestic product expanded at a 3.4 percent annualized pace in the July-September period after a 4.2 percent gain in the prior quarter, according to the median estimate of economists surveyed by Bloomberg. Consumer spending and business investment probably drove growth, and inventory accumulation also contributed.
And the Atlanta Fed’s GDPNow forecast for Q3 real GDP growth is 3.9%, slightly higher than the median estimates of economists surveyed by Bloomberg.
Here is the breakdown of the Atlanta Fed GDPNow report.
The last year (2014) of over 3% real GDP growth YoY came after the third and massive round of Fed asset purchases. Afterwards, The Fed began withdrawing its monetary stimulus …. and the economy began picking up steam.