U.S. economic growth surges by 4.1 cent

31 July, 2018, 17:51 | Author: Edward Snyder
  • US economy surges in second quarter grows at 4.1 percent rate

Illustrating the volatility of some elements of GDP, net exports contributed 1.06 percentage point to the pace of growth, the most since 2013, partly on a surge in soybean shipments ahead of retaliatory tariffs. So there was just a lot going on in this report that led to these big numbers, but that all economists that I talked to say, look; no, this is not going to continue at 4 percent, maybe 2 1/2 next quarter.

He added, referring to predictions for the annual economic growth rate last quarter, "One of the geniuses on Wall Street said, "5.3.' OK, we'll take anything with a '4" in front".

With the size of the American economy now surpassing US$20 trillion, GDP expanded by 4.1 per cent in the April-June quarter, making the United States the fastest-growing of advanced countries, according to a government report.

Trump, who has repeatedly attacked the economic record of his predecessor's administration, pledged during the 2016 campaign to double growth to 4 percent or better.

THE FACTS: Economists do expect a strong number for growth in the April-June quarter, but it is likely to be a temporary bounce.

Faucher said, "The second half of the year will be good - not quite as good as we saw in the second quarter, but still pretty solid". Ahead of the release, US President Donald Trump and members of his economic team had been promoting the notion that second-quarter growth would be robust.

The latest GDP figure was almost double the 2.2% growth rate in the first quarter, which was revised up from a previous estimate of 2% growth.

In the second quarter, the US economy grew at an annualized rate of 4.1%, nearly double the 2.2% growth rate seen to start the year.

Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 4.0 per cent rate in the second quarter, accelerating from the first quarter's stall-speed pace of 0.5 per cent.

CNN, the bias anti-Trump news network, struggled to credit the President, publishing one story as "the full story" on the economy's growth, claiming: "This is not sustainable", said KC Mathews, chief investment officer at Kansas City-based UMB Bank. Average hourly pay, before adjusting for inflation, is rising at about a 2.5 per cent annual rate, below the 4 per cent level reached in the late 1990s when the unemployment rate was as low as it is now.

The Federal Reserve predicts annual growth will be 2.8 percent this year and then fall back to 2.4 percent in 2019 and 2 percent in 2020.

A rebound in consumer spending from the first quarter was the biggest contribution to growth. Federal outlays rose 3.5 percent, the second-fastest rate since 2014, boosted by defense spending.

But yes, we can talk all day long about GDP numbers all day long, but that doesn't matter if you just got laid off.

Excluding those two key swing factors of trade and inventories, real final sales to domestic producers grew at a 3.9% pace in the second quarter, up from the tepid 1.9% rate in the first quarter, and about even with the4.0% rate in the fourth quarter of 2017.

Government spending increased at a 2.1 percent rate, adding 0.37 percentage point to growth. The growth rate of new orders was above 25%.



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