Trump Celebrates GDP Surge: America is Winning Again

U.S. GDP

"These numbers are very, very sustainable".

The annualized rate of gains in gross domestic product was just shy of the 4.2 percent median forecast in a Bloomberg survey. He projects soybean exports to plummet in July, dragging nominal exports down by 1.8% compared with June, and the GPD number will be back to normal - at about 2.6% in the third quarter.

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

"By increasing growth to 3 percent over the next 10 years, that would mean 12 million new American jobs and $10 trillion of new American wealth at least", he continued, adding that the numbers are sustainable. Obama demanded of Trump during a PBS Town Hall in 2016.

Friday's report showed the economy boomed in the second quarter of 2018, although many economists and policymakers believe the pace is unlikely to be sustained in the long run, given the ageing of the population and slow productivity growth of recent years. The stimulus is expected to fade sometime next year.

This marks the fastest pace of growth for the USA economy in any quarter since the third quarter of 2014.

Exports grew sharply in the quarter, boosted by early shipments in anticipation of retaliatory tariffs from China, Mexico, Canada and the European Union.

Pay was growing even faster in the late 1960s, when the jobless rate remained below 4 percent for almost four years. Both he and Shepherdson had predicted very strong second-quarter GDP growth of 4.5 percent or higher. U.S. Treasury yields fell and stocks on Wall Street were down. But that's illusory. Exports surged in the second quarter as soybean producers and others anxious about trade wars raced to get goods out of the country before tariffs were likely to go into effect.

That weakness is a potential red flag, said Lindsey Piegza, chief economist at Stifel. Many think annual growth in the second half of this year will be 2.5 percent to 3 percent.

FILE PHOTO - A shopper walks down an aisle in a newly opened Walmart Neighborhood Market in Chicago in this September 21, 2011 file photo. This represents the fulfillment of a key campaign promise Donald Trump made: that the economy would grow 4 percent under his watch. Purchases of new autos were a major factor, along with spending on health care, housing and utilities and food services and accommodations.

The rush to offload soybeans, however, depleted farm inventories.

But economists have begun to question whether it can continue at this pace in the face of trade tensions and rising rates. That followed a downwardly revised 0.5 percent pace of consumption growth in the prior three months. The trade category often exhibits wild quarterly swings, so it is premature to say what may be behind the move in the spring.

By many metrics, the United States economy is in excellent shape: Unemployment is near an 18-year low, factories are seeing more orders, and exports are surging. The result was boosted by a budget deal at the beginning of this year that added billions to defense and domestic spending.

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