December 21, 2017 / 8:55 PM / a year ago

U.S. tax plan forecast to give mild economic boost: J.P. Morgan

People walk the streets of the Crotona Park East in the Bronx borough of New York, U.S., December 16, 2017. REUTERS/Eduardo Munoz

NEW YORK (Reuters) - The federal tax bill that Congress approved this week is expected to provide a modest lift to the U.S. economy in 2018 and 2019, as lower taxes should help consumer spending and business spending, J.P. Morgan economists said on Thursday.

They forecast the plan would add 0.3 percentage point to the gross domestic product next year and 0.2 point to GDP in 2009.

Earlier on Thursday, the government said GDP expanded at 3.2 percent in the third quarter, the fastest pace in over two years.

Reporting by Richard Leong; Editing by Cynthia Osterman

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