Published on : Jul 28, 2017
Albany, New York, July 28, 2017: Despite facing challenges at the domestic level along with a rapidly renovating global landscape, the U.S. economy is still the largest in the world. The government and the people of the United States both contribute to this unique economic environment. To explore the overall economic outlook, analysts have thoroughly analyzed the U.S. market and presented a new study which is titled as “Consumers and the Economic Outlook: Quarterly Update - US - July 2017”. This study is now a part of the vast repository of Market Research Hub’s research studies, offering readers a fresh perspective, covering the present state of the economy, financial situation, changes in the financial wellbeing, enhancing finances and spending plans.
The United States is an important participant in global value chains and foreign trade has become a more important driver of economic activity. The U.S. economy is mainly dominated by services-oriented companies in extents such as technology, financial services, healthcare, and retail. As per the research, the U.S. economy maintains its powerhouse status through a combination of characteristics. The country has access to abundant natural resources and a sophisticated physical infrastructure. It also has a large, well-educated and productive workforce. Economic growth is projected to lift up in 2017 and 2018 as headwinds from past exchange rate appreciations abate and support from fiscal policy begin to appear. Apart from that, geography remains to play a role in economic outlook, and analysts expect to see this trend continue as time passes on.
The research further states that while the labor market has recovered significantly and employment has returned to pre-crisis levels, there is still widespread debate regarding the health of the U.S. economy. With inflation reaching its target and unemployment edging down further, monetary policy stimulus has begun to be inhibited gradually. As growth picks up, further interest rate growths are anticipated to contain inflationary pressures and reduce the risk of financial-market distortions. According to the research, As of June 2017, the economy is still improving, wages are slowly rising, and unemployment numbers continue to fall. The unemployment rate will drop to 4.3% in 2017 and 4.2% in 2018 and beyond.
The next section of the report highlights consumer’s outlook for the U.S. economy. Consumer attitudes are constant at a good level. It is projected that consumers will continue increasing their spending in line with their incomes. Consumer sentiment about their financial situation remains healthy, and most of the consumers don’t think their finances will change or increase that significantly. Consumer spending will benefit from continual, though slowing, employment gains and as the labor market tightens, stronger wage growth.
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