The President Says 4.1% GDP GROWTH is JUST THE BEGINNING

The President Says 4.1% GDP GROWTH is JUST THE BEGINNING

The US economy grew at a 4.1 per cent rate, the strongest pace in almost four years during the second quarter, powered by a rebound in consumer spending, exports and firm business investment, the Commerce Department said on Friday.

But Friday's announcement that the economy grew at a 4.1% pace in the second quarter, the best showing since 2014, is genuine cause for celebration.

"We're on track to hit the highest average annual growth rate in over 13 years", Mr. Trump said at the White House.

Trump is joined at the White House by Vice President Mike Pence and several members of his Cabinet.

Growth in consumer spending, which accounts for more than two-thirds of US economic activity, increased at a 4.0 percent rate in the second quarter.

"Once again, we are the economic envy of the entire world", Mr Trump said, adding that "America is being respected again".

However, she said the trends in the housing market, as well as the one-off boost in exports in the most recent quarter, call "into question the sustainability of above-trend topline growth looking out to the second half of the year". "I believe that is going to the key to growth".

The tax cuts and spending hikes are swelling the government's annual deficits upward, with no sign of the increased tax revenue supply-siders say will arrive as growth improves.

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Consumer spending rose sharply in the second quarter, after slumping in the first.

The GDP numbers, released today, show an improvement over the first quarter's 2.2 percent growth.

Many analysts believe the second-quarter growth numbers are artificially inflated by shifts in consumption to avoid the new tariffs announced this quarter. But most economists took issue with that forecast, saying the pace of growth in the April-June quarter won't likely last in the months ahead.

Council of Economic Advisers Chairman Kevin Hassett on the state of the USA economy and the trade truce with Europe.

Compared with the second quarter of 2017, the economy grew by 2.8% in the April-June period.

Economists also cautioned against putting much weight on the surge in second-quarter growth as one-off factors, including a $1.5 trillion tax cut package, were behind the growth spurt. Trump has said he sees annual growth of 3 per cent or more as sustainable. In 2019, he expects a solid 2.6 percent growth rate.

"The spring quarter could be the high water mark for growth", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. The result was boosted by a budget deal at the start of the year that added billions to defense and domestic spending.

I scan the headlines at CNN a few times every day, so I can tell you that it's pretty unusual to see a positive story about President Trump featured prominently on the site.

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