Consumers will shoulder the burden of keeping the economy on track in 2017 while waiting for Donald Trump’s tax cuts to be passed. Low unemployment, job and wage growth will keep money in consumers’ pockets, while the rise in the stock market since the election will provide a bit of an extra bump up to spending.
Consumer spending should rise by about 2.8% in 2017, up from 2.6% in 2016. 2017 will be the fourth straight year that consumer spending growth will have been markedly higher than overall GDP growth, indicating how much this spending is carrying the economy.
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