Soaring Consumer Spending Drives GDP to 4.1% in Q2

While Mr. Trump praised the 4.1 percent annual growth rate in the second quarter, the economy exceeded that level four times during the Obama presidency: in 2009, 2011 and twice in 2014.

Trump is predicting that as he renegotiates trade deals, "we're going to go a lot higher than these numbers".

January-March quarter GDP growth was revised up to a 2.2 percent pace from the previously reported 2.0 percent rate to account for new source information and methodology improvements.

Personal consumption expenditures increased 4 percent while business investment jumped 7.3 percent, and government spending was up by 3.5 percent.

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One measure that economists look at for a better sense of underlying demand showed strength. Some economists think full-year growth in gross domestic product could hit 3 percent in 2018 for the first time in the almost decade-long recovery, a prospect that became more likely following Friday's strong numbers. "I believe that is going to the key to growth".

Gross Domestic Product (GDP) surged by 4.1pc in the second quarter, on an annualised basis, up from 2.2pc in the first three months of the year to record its its strongest result since the third quarter of 2014.

Trump has also imposed tariffs on steel and aluminum imports, leading to retaliation by the United States' main trade partners, including Canada, the European Union, Mexico and China. He campaigned on a platform of tax cuts for businesses and individuals, as well as deregulation. When services are included, such as insurance, tourism, and engineering, the US had a $2.8 billion surplus with Canada previous year.

Another factor that bolstered the second quarter was a rush by exporters of soybeans and other products to get their shipments to other countries before retaliatory tariffs in response to Trump's get-tough trade policies took effect.

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"I will say this right now".

The growth in nonresidential business investment contributed nearly 1 percentage point to growth though the 7.3 percent pace was slower than the first quarter's 11.5 percent.

"The second quarter was a strong quarter, but it was juiced up by the tax cuts and higher government spending", said Mark Zandi, chief economist Moody's Analytics. Exports rose at a 9.3 percent rate in the second quarter, while imports grew at a tiny 0.5 percent rate.

THE FACTS: Trump is correct that a lower trade deficit helped growth in the April-June quarter, but it's not necessarily for a positive reason.

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