Second-quarter GDP surges to 4.1 percent, showing strength of 'Trump economy'
31 July, 2018, 17:50 | Author: Donnie King
Consumers - buoyed by low unemployment, low borrowing costs and recent tax cut - ramped up their spending at a 4 per cent annual pace, contributing 2.69 percentage points to second-quarter growth in GDP (consumer spending accounts for about 70 per cent of the USA economy). That was the best showing since the third quarter of 2014.
In addition to the solid second quarter result, the Commerce Department revised its first-quarter GDP growth from 2 percent to 2.2 percent.
"We've accomplished an economic turnaround of historic proportions", Trumpsaid.
"What we're seeing in the Trump economy is wages going up for the first time in a long time", Peter Navarro, the top trade adviser to the president, told NPRFriday before the GDP report was released.
The sudden rise could lead to a slump in exports in the next economic quarter.
Trump has also imposed tariffs on steel and aluminium imports, leading to retaliation by the United States' main trade partners, including Canada, the European Union, Mexico and China. There was also a front-loading of exports of other goods in the second quarter.
According to the report released by the Bureau of Economic Analysis (BEA), strong consumer and business spending, as well as a surge in exports buoyed the economic growth in the second quarter.
Unlike in 2015, growth has accelerated this year, in part, because of the stimulus from Trump's deficit-funded tax cuts. In fact, out of the 32 quarters that president Obama was in office, 15 of them had an annualized growth rate north of 2%. The growth rate was driven by consumers spending their tax cuts and exporters rushing to get their products delivered ahead of retaliatory tariffs. "A lot of economists think it is a one off and it will slow".
Looking at the 4.1% GDP growth rate, the Federal Reserve could decide to raise interest rates much faster than planned. Central bank officials had raised rates twice this year and pencilled in two further increases this year and three in 2019, Efe news reported.
The President also pointed out a decrease in trade deficit with a number of countries and vowed economic growth for the USA will continue as a number of agreements are renegotiated.
The Commander-in-Chief touted the booming economy on "The Sean Hannity Show" Friday; adding the mainstream media is largely ignoring new data that shows a record-setting $52 billion decrease in America's trade deficit.
"Trade was great. Exports were up 9.3 percent". But housing, which has struggled this year, shrank at a 1.1 percent rate after an even bigger 3.4 percent decline in the first quarter. Net exports added 1.06 percentage point to the quarter's 4.1 per cent GDP growth rate, as exports rose strongly. CBPP also states the number of SNAP households that have earnings while participating in SNAP has been rising for more than a decade, and has more than tripled - from about 2 million in 2000 to about 6.4 million in 2011.
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