A PRO-GROWTH PRESIDENT IS GIVING US WHAT WE NEED!
We were stuck with low to no growth with Obama’s overregulation for 8 years but now President Trump has opened the economy to growth…Trump is following through with his campaign promises in spite of the media’s constant distortions and lies.
The prediction was 3.0 but had to be revised above that mark in the second quarter because of consumer spending and business investment. The economy and business have been unleashed by trump. MAGA!
The U.S. economic rebound in the second quarter was stronger than initially reported, as a lift to consumer spending and business investment led to the strongest growth in more than two years.
Gross domestic product rose at 3% rate from April to June, up from an initial 2.6% reading, the Commerce Department said Wednesday.
Economists surveyed by MarketWatch expected a smaller upward revision in second-quarter GDP to a 2.8% rate.
The economy picked up from a 1.2% rate in the first quarter. A slow first quarter followed by an improved second quarter also occurred in two of the past three years. Economists say that the most recent data suggest the U.S. is on track to maintain a 3%-plus clip in the third quarter.
The last time the U.S. economy had two quarters above 3% was in 2014.
President Donald Trump is relying on growth above 3% to generate enough revenue for the government to pay for tax cuts and more infrastructure spending.
Consumer spending was the main engine for the strength in the second quarter, rising a revised 3.3% in the second quarter. That was up from the government’s original estimate of a 1.9% gain. Americans spent more on goods and services, including car purchases.
Outlays of business investment rose at a revised 0.6% clip in the second quarter, up from a prior 0.4% estimate.
The government reported that corporate adjusted pretax profits were up 6.7% over the past year, despite falling at a 0.5% quarterly rate in the second quarter.
The report also confirms that inflation has moved away from the Federal Reserve’s 2% annual target in the second quarter.
PRIVATE-SECTOR JOB GROWTH UP!
According to MarketWatch:
Private-sector hiring skyrocketed in August, according to data released Wednesday.
Employers added a seasonally adjusted 237,000 jobs during the month, payroll processor ADP said. That was a big gain from the 178,000 jobs ADP reported in July, and which it revised up to 201,000. It also easily beat the Econoday consensus forecast of 185,000.