USA economy grows at the fastest pace since 2014

USA economy grows at the fastest pace since 2014

Past presidents have generally refrained from mentioning any government economic reports the day before they're publicly released.

Trump also falsely repeated a claim that the USA economy is the best "we've ever had" and incorrectly asserted that Canada's trade market is "totally closed". From left, Commerce Secretary Wilbur Ross, Trump, Vice President Mike Pence, and Treasury Secretary Steve Mnuchin.

Lindsay Walters, a White House spokeswoman, said the president wasn't briefed in advance on Friday's economic report. The data show that the falling unemployment rate and gains in home values reflect the duration of the recovery, rather than any major changes made since 2017 by the Trump administration.

The president also said more than 3.5 million Americans have been lifted off food stamps since he took office. But quarterly figures are volatile and strength in one quarter can be reversed in the next. Economists surveyed by The Wall Street Journal earlier this month expected the GDP growth would slow to 3 percent in the third quarter of 2018 and 2.9 percent in the fourth quarter. The economic bump, at 4.1 percent, was the best quarter the country has seen since 2014, according to the Commerce Department.

To cap a busy week for corporate news, investors will be greeted by the week's most important economic report.

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But Trump did not urge caution on that front, instead pointing to a decrease in the U.S. trade deficit driven by those exports, calling it "one of the biggest wins" in the economic report. The surge was driven by strong consumer spending, solid business investment and a jump in exports.

But economists warned it could be a blip caused by temporary factors, including a one-off bounce produced by Trump's trade confrontation with China.

Even if there was an increase in agricultural exports this quarter, the amount is not enough to significantly increase GDP which now averages about $5 trillion per quarter. Trump may soon have to be satisfied by anything with a three, and perhaps less. The personal savings rate also fell in the second quarter, hitting 6.8% against 7.2% in the first quarter of the year.

This morning it was reported that the United States economy grew in the second quarter at a pace of 4.1%, falling just short of the 4.2% rate economists at Bloomberg had predicted. After- tax incomes adjusted for inflation increased at a 2.6 percent annual pace, after 4.4 percent in the prior quarter. But from the second quarter of 2009 through the end of past year, GDP has grown at averaged annualized rate of 2.2 percent. You got it. Now they're trying to sift through all the revisions.

As well, the data pointed to the pull forward of future sales of goods that were set to be hit by tariffs amid the widening trade dispute between the United States and China, among disputes that Mr Trump has with others.

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THE FACTS: No, it's not totally closed.

Adding: "There's also plenty of scope to quibble with the substance of Trump's economic claims".

This article was written by Heather Long, a reporter for The Washington Post.

Ahead of Friday's release, President Donald Trump and members of his economic team have been promoting the notion that second-quarter growth will be robust.

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