Thursday, 18 October, 2018

Trump makes blockbuster prediction about U.S. economy in surprise interview with Hannity

President Donald Trump speaks on trade at Granite City Works Steel Coil Warehouse Thursday President Donald Trump speaks on trade at Granite City Works Steel Coil Warehouse Thursday
Charlie Simmons | 31 July, 2018, 17:53

But it's hard to get that message out because U.S. GDP growth hit 4.1 percent in the second quarter of 2018. Spending on equipment grew at an 8.5 per cent rate in the first three months of the year.

First-quarter growth tends to undershoot the rest of the year because of the so-called residual-seasonality issue that stems from how the Commerce Department adjusts for calendar and holiday effects. Still, the president claimed the next quarter's numbers will be even better.

On his reaction to GDP growth: I mean look, America's economy is really taking off.

"Trump has to be careful not to overhype this".

When asked if he was allowed to speculate on the report, Mr. Kudlow said he "would never do such a thing". "Wage growth has been anemic". Expectations were also high as President Donald Trump spoke about the number several times, including Thursday when he said he would be happy with a number with a 4 in front of it.

According to the report released by the Bureau of Economic Analysis (BEA), strong consumer and business spending, as well as a surge in exports buoyed the economic growth in the second quarter.

Soybean exports exploded in the second quarter, as customers in several countries scrambled to snatch up supplies before new foreign taxes on USA soybeans went into effect, part of a broad retaliation against Trump's tariffs on a range of foreign products.

An economic slowdown could be ahead for the United States, not robust growth.

Trump said the higher growth will carry on. "This isn't a one-time shot".

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President Donald Trump on Friday (Jul 27) hailed roaring USA economic growth as a "miracle", and said the quickest expansion in nearly four years was a vindication of his economic agenda.

However, there is concern the United States economy is overheating and the growth is aided by stimulus, including massive tax cuts, which will soon run out. With imports increasingly only by 0.5 per cent, net trade added 1.06 percentage points to the second quarter's GDP growth figure. His plan is to boost growth to the above-3 per cent annual rate on a sustainable basis, exceeding the average 2.2 per cent pace during this expansion.

Exports surged last quarter amid fears of rising trade tensions and retaliatory tariffs being imposed by top U.S. trading partners.

Of course, Mr Trump and the Republicans should be credited for priming the economy at least over the past six months.

"Real GDP 4.1 percent in the second quarter after 2.2 percent in the first quarter". A bump in federal government spending also added to the pickup in growth this spring as Congress approved additional money for the military and domestic programs.

Due to declines in birth rates, workers will be joining the economy at a slower pace and this hurts overall growth levels.

Economic Slowdown Becoming a Likely Scenario for the U.S.

.

Business spending, which is getting a boost from lower corporate taxes, is one of the factors supporting a projected pickup in second-quarter economic growth.

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