Economic Outlook

US Economic Outlook

Economic activity in the US continues to expand moderately. Most forward-looking indicators remain positive. In particular, both the manufacturing and non-manufacturing PMIs continue to indicate expansion. Moreover, stable job and wage growth along with high consumer confidence remain supportive of consumer spending. However, uncertainty from policy risks acts as a headwind. We project real GDP will advance by 2.1% in 2017, and 2.2% in 2018.