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Posted on 08/29/2018 10:47:29 AM PDT by Red Badger
Washington (AFP) - The roaring growth of the US economy in the second quarter was even faster than first reported, with new numbers showing a bigger boost in corporate spending, the government reported Wednesday.
The uptick in estimates of second quarter spending by companies was sure to comfort President Donald Trump and supporters of December's sweeping corporate tax cuts who argue that lowering corporations' tax burdens will spur investment and growth.
Gross Domestic Product advanced at an annual rate of 4.2 percent in the April-to-June period, a tenth of a point faster than initial estimates showed last month and -- at nearly twice the first quarter's pacet -- he fastest growth in almost four years, according to the Commerce Department.
Analysts had been expecting a slight downward revision.
Many economists view the second quarter growth as a blip, juiced by one-off factors unlikely to be sustainable, and estimates for growth in the third quarter now hover around a still-robust three percent, putting Trump's annual growth target of three percent within reach.
Economists also warn there are signs momentum slowed at the end of the third quarter, with tariff battles cutting into exports.
The effects of the tax cuts and recent stimulus are expected to begin waning soon, while rising interest rates and the US-China trade battle loom as economic headwinds.
But Trump last month hailed the economy's renewed vigor, claiming credit for boosting growth above all with tax cuts and by aggressively confronting trading partners.
"With profit margins expanding again and investment spending accelerating, the outlook for the second half of the year is a solid one but accompanied by rising inflation pressures," RDQ Economics said in an analytical note.
(Excerpt) Read more at yahoo.com ...
Unlike between 2009-2016, where “unexpected” numbers were continually revised down.
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This is where our criminal media is really acting egregiously. An economy like this means great things for so many Americans in every socioeconomic stratum. However, they’re so busy wanting to bust our POTUS, they are downplaying how great the news is repeatedly.
If this was under Obozo, the banner headlines would scream “Obama Economy on FIRE” coast-to-coast.
Hey! I know ... let’s impeach the author of this economic and societal miracle and bring back that shrew from Arkansas.
What a stupid statement. It's not about "comforting" President Trump or us. It's about restoring America to its normal role as an economic powerhouse and leader of the free world.
Many economists view the second quarter growth as a blip, juiced by one-off factors unlikely to be sustainable....Economists also warn there are signs momentum slowed at the end of the third quarter, with tariff battles cutting into exports...The effects of the tax cuts and recent stimulus are expected to begin waning soon...
The author obviously wasn't alive when Reagan's fixes for the horrendous Carter economy unleashed 20 years of prosperity. The author continues to expose himself as an economic ignoramus. They all think it'll be nothing more than a one quarter blip and we will revert to the Obama doldrums that Obama insisted were the "new normal" and we would never, ever see 3% growth again.
I’m sure 0bama or someone in his regime would like to comment on this...
No?
Not wanting to comment because...? Baraq?
Is it because the Intell IG found out the Chicoms hacked her (Cankles) unsecured server?
Lock her up.
5.56mm
Econo-MISSEDs...............
First they announce a number. A month later they announce an adjustment. If the media doesn’t like the adjustment, they don’t report it. You can bet that if the number had been revised down to 4.05, we would be hearing all about it, 24/7.
Not sure if this relevant to the thread or not but I gotta tell somebody.....my 401k is KILLIN’ IT!!!!
Further proof they DONT GIVE A DAMN about ORDINARY PEOPLE, Americans, workers, families, schools, jobs
It’s ALL ABOUT THEM
And if everyone else suffers, so be it
We just PAID OFF OUR 30 YEAR MORTGAGE IN YEAR 16 WITH 401K FUNDS!..........................
good for you my friend.
Unless you were older than 67.5 the taxes+penalties you paid has gotta hurt. =\
We could not have done that under Obastard’s tax rates. Only when the Trump tax cuts went into effect was it financially possible.
I Thank God for President Trump!!!!!!!!!!...................
AMEN
Nope! Will still be in the 12% bracket! Just barely, but it’s done!.......................
Obummer was credited with reversing the recession a couple of weeks after he was elected. Problem, nothing changed during his 8 years except his attempts to damage the American economy further.
Did the economy grow at an annual rate of 4.2% this quarter (likely) or did it grow 4.2% this quarter? Who writes and who proofreads this stuff?
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