United States economy grows 4.1%, the fastest pace since 2014
United States economy grows 4.1%, the fastest pace since 2014
President Donald Trump speaks on trade at Granite City Works Steel Coil Warehouse Thursday
31 July, 2018, 17:51
The unemployment ratefell to its lowest level since 2000 at 3.8 percent in May. And it would nearly certainly mean a big boost in the standard of living for many Americans, with higher wages and better public services as the government raked in more tax dollars from a booming economy. In 2016 when CNNMoney surveyed 11 economists, who claimed, "Donald Trump is dreaming" after then-candidate Trumpsaid it's time to establish the goal of meeting four percent economic growth. "Once again, we are the economic envy of the entire world".
Trump tweeted: "GREAT GDP numbers just released". "You're going to see on Friday what happens with GDP". Some of this success may be Trump's doing, while much of it appears to be part of an overall economic trend which began just under 10 years ago under President Obama. "These are unthinkable numbers", Trump said.
"These numbers are very, very sustainable".
This marks the fastest pace of growth for the USA economy in any quarter since the third quarter of 2014. It followed first-quarter growth of 2.2 percent that was revised from 2 percent, the Commerce Departmentreported Friday.
The 4.1 percent growth figure may or may not be sustainable.
Exports are a particularly dramatic example.
President Donald Trump delivers remarks on the economy from the South Lawn of the White House, Friday, July 27, 2018, in Washington. At its core, it says that consumer demand is taking a massive hit. Soybean exports - a target of retaliatory tariffs from China and the European Union - shot up, likely in an effort to skirt the incoming tariffs. And the temporary boost in government spending will turn into a drag on the economy when that spending splurge winds down in 2019 and 2020.
While there was nothing concrete, Trump and Juncker laid out areas of cooperation, with a goal of lowering tariffs on goods going both ways between Europe and the United States. Skeptics disagree, saying the 4.1 percent number from the second quarter was the result of a combination of factors that won't be repeated.
The second quarter growth was the fastest one since the 4.9 percent growth recorded in the third quarter of 2014 and the third-best growth rate since the 2008 economic recession. When Republicans passed their multitrillion-dollar corporate-tax cut last winter, they insisted that the legislation would stimulate capital investment, and thus innovation, and thus growth.
And Trump says as new trade deals com in, he expects the growth to soar even higher.
But the widespread expectation is that growth will be significantly lower in the third and fourth quarters, probably falling short of Trump's 3 percent goal for the year. Shepherdson predicts about the same.
"While we always expected a bounce back in consumption, it was more powerful than anticipated and speaks to the impact of an increasingly tight labor market and strong job growth on consumer income and household's confidence", said Brian Coulton, chief economist at the ratings agency Fitch.
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He hoped "free, fair and reciprocal trade is in our near future". Earlier, Mr Trump accused China of "vicious" tactics on trade. The steel and aluminium tariffs, however, remain in place.
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