The US economy grew at a 4.1 per cent rate, the strongest pace in almost four years during the second quarter, powered by a rebound in consumer spending, exports and firm business investment, the Commerce Department said on Friday.
The Commerce Department just announced that the economy grew at a 4.1% GDP Growth rate in the second quarter of this year.
In other words, foreign companies appear to be importing as many goods as they can from the USA before their own governments retaliate against Trump's tariffs with duties of their own.
Paul Ashworth, at Capital Economics, said that as the government stimulus from tax cuts and higher spending fades, and the Federal Reserve's continued interest rates hikes begin to pinch, "growth will slow markedly from mid-2019 onwards".
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".
Ian Shepherdson, an economist at Pantheon Macroeconomics, said following Friday's report, "In one line: Looks great; won't last". "This will support the outlook for 3 percent-plus growth in 2018 and continued Fed policy to raise the funds rate in September". "That said, there is every reason to expect that growth in the second half of the year will still be in the 3 percent range". With imports increasingly only by 0.5 per cent, net trade added 1.06 percentage points to the second quarter's GDP growth figure. Economists in a Reuters poll earlier this week predicted that growth will slow notably from here.
Investment in homebuilding fell for a second straight quarter. Historically, the USA has grown over 3 percent a year.
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Dear reader, new orders at durable goods manufacturers is just one example in a growing list of indicators suggesting that an economic slowdown is ahead for the United States. Thus, the USA exported 50 percent more soybeans in May 2018 than it had in May 2017. But today's economic data is certainly good, and the president can take some of the credit.
The president portrays an economy breaking free of its shackles as his administration cuts red tape and lowers taxes.
But the report got another boost from an unusual source: strong exports which leapt 13.3 per cent, driven higher by foreign sales of oil and soybeans, which now face stiff Chinese tariffs.
This is the first time since the 2016 election that USA growth has hit the 4% target President Trump set himself during the campaign. Some analysts have said the figure could reach as high as 5 per cent.
There are worries that America's numerous trade spats are now hitting economic growth.
Housing remained a weak spot in the economy amid signs that the sector is poised for its broadest slowdown in years.
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