© Reuters. Construction cranes are seen in downtown Los Angeles© Reuters. Construction cranes are seen in downtown Los Angeles

NEW YORK (Reuters) – J.P. Morgan on Friday raised its outlook on U.S. economic growth in 2018 and 2019 in the wake of a wide-ranging deal that will increase federal government spending and its budget deficit to the area of $1 trillion a year.

Michael Feroli, an economist at the largest U.S. bank by assets (N:JPM), said in a research note that gross domestic product would grow by 2.6 percent in 2018, up from a prior estimate of 2.2 percent, while U.S. GDP in 2019 would expand by 1.9 percent versus a previous projection of 1.6 percent.

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