Posted on 06/14/2018 3:52:44 PM PDT by Enlightened1
Surging consumer spending is driving GDP well above prior estimates, and it is now tracking near 4 percent for the second quarter.
That's almost double the pace of the first quarter.
Economists say the consumer is seeing the impact of the tax cuts and is spending, as a result of more disposable income
Armed with new-found proceeds from the tax bill, American consumers went shopping in May, driving retail sales — and economic growth — sharply higher.
The economy in the second quarter is tracking close to 4 percent growth — a level President Donald Trump raved about last December, just before the tax bill was approved. At the same time, he had also told reporters he was holding out for a doubling of growth to 6 percent.
For now, his 4 percent forecast is close to coming true on a quarterly basis, after strong retail sales data pushed up tracking GDP growth for the second quarter to about double the first quarter's level. The economy grew by 2.2 percent in the first quarter.
CNBC/Moody's Analytics Rapid GDP Update reported economists' estimates of tracking GDP show average growth at 3.8 percent, following Thursday's retail sales report. Their actual forecasts, which take into account economic reports yet to be released, is running at an average 3.6 percent.
Retail sales in May were up 0.8 percent, double what some economists expected. Without autos, sales were up 0.9 percent.
"On the heels of this data we now estimate real GDP is expanding at a 4.0% annual rate in Q2, up from our prior estimate of 2.75% and almost twice the 2.2% growth rate experienced in Q1," wrote JP Morgan chief U.S. economist Michael Feroli. If the economy hits that growth rate, it would be the best since the third quarter of 2014.
(Excerpt) Read more at cnbc.com ...
Hey Barry, or I mean Barak, if you are reading this, what have you got to say.
I think we all know the answer to that one: “You didn’t build that economy.”
Don’t forget......millions of ordinary working folks have made a ton of money in the stock market. What I took out has already been gained back.
I’m doing my share.
no doubt this news is being celebrated by all the MSM swamp creatures today!
Tax relief is downright trivial compared tp capitl gains.
Abraca-effing-dabra!.............
Doubt my teeny $25/mo. helped much.
Oh, but I miss Obama and his 1% growth and his promise of the permanent loss of manufacturing jobs. The Democrats are the party of the future! They will keep us on welfare and screw companies! Please vote Democrat!!!!
“Crumbs.” :-)
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