The U.S. economy grew at an annual rate of 3.3 percent in the fourth quarter of this year, and the jobless rate dropped to 6.5 percent, from 7.2 percent in 2015.
The U-turn was the result of Trump’s promise to reduce the deficit and make it easier to borrow, while the federal government continued to spend aggressively on its major entitlement programs.
As a result, the U.N. climate change envoy said the world is on track to meet the goal of keeping global average temperature rise below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels by the end of the century.
“We are on track for achieving that target,” Paulo Pinheiro, the UN’s climate chief, said during a visit to Washington on Tuesday.
The world’s climate change agreement was signed in Paris in December and is the first of its kind in the world.
A key element is the requirement that all countries agree to limit carbon emissions in the atmosphere to no more than the pre-Industrial Revolution level of 2 degrees.
China and the United States have so far defied that pledge, leading the world’s other major economies to follow suit.
“I think the Paris agreement is a step in the right direction, and I look forward to seeing more progress,” said Mark Zandi, chief economist at Moody’s Analytics.
The economic recovery has also been fueled by a rise in the price of oil, the world the world largest oil exporter.
On Tuesday, Brent crude oil was up 4 cents at $48.76 a barrel, the biggest one-day gain since July.
“Oil is back on track,” said Doug Ericksen, chief market strategist at Wells Fargo Securities.
“And that was a big surprise for us.”
The U.-turn was also in response to the U.-S.
deal to reduce carbon emissions, a decision that is likely to add about $100 billion to U.s. GDP.