Trump touts economy: 'These numbers are very, very sustainable'
Trump touts economy: 'These numbers are very, very sustainable'
Trump Breaks Tradition on GDP Figures
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 saidmore 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.
"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".
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 Trumpsays 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 Timesreported.
Facebook sales increased 47 per cent, year over year, in both the third and fourth quarters, of 2017. The General Data Protection Regulation (GDPR) in the European Union also will cause a revenue drop .
Since Trump's meeting with Putin, there have been a lot of questions about what the two world leaders said to each other. Bob Corker (R-Tenn.) said at the hearing. "The President. will be their toughest enemy, most hard enemy", he said.
US crude was at $68.40 a barrel, down 13 cents by 11 a.m. (1500 GMT), while Brent crude fell 10 cents to $73.35 a barrel. When the deal was scraped off by the Trump and his cabinet in 2018, tensions began to mount between the two countries.
Speaking after the race, Vettel said the small mistake resulted in a huge effect for him as he loses the lead of the championship. But, at the team's home race, Mercedes called off the fight: "Valtteri, this is James (Vowles - chief strategist)".
More than 500 climbers including 21 from Malaysia are reportedly still stranded on the volcanic Mount Rinjani in East Lombok. About 820 trekkers, including 617 foreigners, were said to have been on Mount Rinjani during the natural disaster .
The sisters were celebrating the birthday of Nia's late boyfriend who drowned two years ago, according to the Sacramento Bee. The victims" cousin, Ebony Monroe, said Wilson was a " beautiful, sweet person' who loved her cousins, makeup and fashion.
The protests also demand a "right of return" for descendants of Palestinian refugees to ancestral homes in what is now Israel. A 17-year-old Palestinian crept into the settlement of Adam on Thursday night and stabbed Yotam Ovadia, 31, to death.
Gun ownership also requires training, a personal risk assessment, two references, spousal notification and criminal record checks. She had recently graduated from high school and was preparing to study nursing at Hamilton's McMaster University in the fall.
This will be a frontal assault on one of the previous administration's signature policies to cut down greenhouse gas emissions. A legal battle is sure to ensue, so expect to hear much more on the fuel economy front in the coming weeks and months.
Facebook Facing Legal Issue After Stock Plunge
Shareholders often sue companies in the U.S. after unexpected stock price declines, especially if the loss of wealth is large. After a surprisingly weak growth forecast in this week's earnings report, Facebook's stock price dropped 19 percent.
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