Thursday, 16 August, 2018

Trump touts economy: 'These numbers are very, very sustainable'

US economy grows 4.1% in 2nd quarter Trump Breaks Tradition on GDP Figures
Ebony Burgess | 30 July, 2018, 23:03

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

The president also said more than 3.5 million Americans have been lifted off food stamps since he took office.

Private-sector economists predict growth will slow to 2.8 per cent in the third quarter, according to Bloomberg polling. And it would nearly certainly mean a big boost in the standard of living for many Americans, with higher wages and better public services as the government raked in more tax dollars from a booming economy.

The US is experiencing an "economic turnaround of historic proportions", the President said.

White House economic adviser Larry Kudlow said Friday's GDP release will reflect "big" growth for the U.S. economy.

"Over the last 12 months, the economy has grown by 2.8 percent, which is a bit better than it has done recently, but is in no way the strongest growth during this expansion", said Paul Ashworth, chief US economist at Capital Economics. To some extent, strong GDP growth today is coming from borrowed money that will have to be paid back in the future. This is a strong economy.

US President Donald Trump described the acceleration as "amazing", claiming it as proof his policies are working.

At an event on Thursday, Trump said of the GDP number, "If it has a 4 in front of it, we're happy". "This isn't a one-time shot".

Donald Trump threatens Turkey with sanctions over U.S. pastor's detention
Pence's initial announcement of possible sanctions came at the close of a three-day conference on religious freedom. One of Brunson's attorneys is Jay Sekulow, who also represents Trump in the Russian Federation investigation.

Yes, the USA economy grew in the second quarter of this year, but I am skeptical going forward.

PNC Bank is forecasting growth of 3.1% in 2018 - assuming that trade tensions dissipate. With a healthy tailwind coloring expectations, the next round of numbers will be closely read for clues about how the year's second half will compare, starting with next week's main event for economic releases: payrolls for July (scheduled for Friday, August 3).

Rep. Erik Paulsen, member of the Ways & Means Committee & Chairman of the Joint Economic Committee, joined Fox News Radio's Guy Benson and Marie Harf to discuss GDP growth.

"The economy is now firing on all cylinders, and that growth is likely peaking", Bricklin Dwyer, senior US economist at BNP Paribas, said in a research note. But in recent months, the trade dispute sparked an unexpected short-term boost in exports. That reflected a surge in soybean exports ahead of retaliatory tariffs on the crop. Just before Beijing's retaliatory tariffs against the US started at the beginning of July, US soybean exports to China skyrocketed.

"Trade was great. Exports were up 9.3 percent". And the temporary boost in government spending will turn into a drag on the economy when that spending splurge winds down in 2019 and 2020.

And Trump says as new trade deals com in, he expects the growth to soar even higher.

"There's going to be a payback", says John Silvia, the chief economist at Wells Fargo.

The US economy expanded at an average annual growth rate of 2.2% between 2012 and 2017. That was a pickup from the first quarter's revised growth rate of 2.2 per cent, the New York Times reported.

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