Trump claims victory as GDP grows at fastest pace since 2014

Trump claims victory as GDP grows at fastest pace since 2014

The 4.1 percent growth is the fastest economic growth since 2014, when the economy grew at 4.9 percent in the third quarter of that year. Others have suggested that exports were expedited to beat the imposition of retaliatory tariffs in July.

Whether you support President Trump's policies or not, there is no denying that the U.S. economy is quite strong right now. To some extent, strong GDP growth today is coming from borrowed money that will have to be paid back in the future. "Producers may have front-loaded some goods for exports ahead of the tariffs", JPMorgan's Feroli said. He has been trying to highlight economic gains ahead of the 2018 midterm elections.

In July, the U.S. and China imposed tariffs on $34bn of the other country's goods. That's because, ahead of retaliatory tariffs by China on US agricultural products, China went on a soybean buying spree. He just says, well, I'm going to negotiate a better deal. US President Donald Trump cheered the numbers, holding an impromptu press conference outside the White House to tout the "amazing" growth and said "this is just the beginning".

"We are now on track to hit an average GDP annual growth of over three percent and it could be substantially over three percent", Trump said. Elevated levels of government spending should continue for a while longer, but economists expect its impact on growth to peak later this year. Trump came into office past year promising tax cuts, regulatory reform, and the elimination of foreign tariffs on US exports.

PNC Bank is forecasting growth of 3.1% in 2018 - assuming that trade tensions dissipate.

The growth was the fastest since 2014, following first-quarter growth of 2.2 percent that was revised up from 2 percent. Government spending also posted a solid gain, rising at a 2.1 percent rate.

Friday's number nearly guarantees the Federal Reserve will raise interest rates two more times this year - to get to the total of four that had been expected in 2018.

Housing remained a weak spot in the economy amid signs that the sector is poised for its broadest slowdown in years.

That weakness is a potential red flag, said Lindsey Piegza, chief economist at Stifel. And that gave the overall export numbers a big lift.

LeBron James talks Bronny's name in new 'The Shop' clip
He did everything you're supposed to do in Cleveland. "I think this is a ideal next step for him". I absolutely loved it. "Perfect decision, flawless move".

Google launches station in Nigeria, targets 200 locations by 2019
According to her, the Google's Launchpad Accelerator Africa initiative graduated 12 promising startups from the continent in June. Job search launched in March in South Africa , Nigeria and Kenya, and is now rolling out in 29 new countries.

Demare posts 1st home team win; Thomas keeps Tour lead
But before he did, Australian pair Luke Durbridge and Mathew Hayman were among five escapees on the 171km run from Trie-sur-Baise. Brit Geraint Thomas retained his 1-minute, 59-second lead over the Netherland's Tom Dumoulin in the overall standings.

Trump called the narrowing of the trade deficit "one of the biggest wins in the report".

The president has been floating plans to slap import taxes on hundreds of billions of dollars of foreign goods, which has led to the risk of retaliatory tariffs by foreign companies on US goods.

"We will come pretty close to stalling out in 2020 because the growth we are seeing now is not sustainable", Zandi said. "There remains no evidence at all of the tax cut boosting economic growth". Perversely, so did the threat of various trade rows.

The result has been multiple positive trends since Trump began implementing that agenda.

The latest growth number is twice what it was in the first quarter. This restocking is likely to provide a tailwind to economic growth in the second half of the year.

There are worries that America's numerous trade spats are now hitting economic growth.

The trade truce between the USA and European Union earlier this week doesn't change his view.

We've had false starts in the economy before. "Well, some Americans are better off-people like me who are wealthy enough to not need work-but most Americans are still struggling".

Were you unemployed but have found a job?

Related Articles