The United States economy continued to expand into the 3rd quarter of 2019; with experts praising the “better than expected” GDP increase if 1.9%.
“U.S. gross domestic product — the broadest measure of the U.S. economy — grew faster than expected in the third quarter, but slowed slightly as business investment continued to decline,” reports CNBC.
“The Commerce Department said Wednesday that economic activity grew at an annualized rate of 1.9% in the third quarter, down slightly from the 2% pace in the second quarter. Economists polled by Dow Jones had expected the first look at third-quarter economic growth to come in at 1.6%,” adds the website.
President Trump hailed the strong economic data on social media Wednesday morning.
“The Greatest Economy in American History!” he tweeted.
The Greatest Economy in American History!
— Donald J. Trump (@realDonaldTrump) October 30, 2019
Read the full report at CNBC.
AMERICA UNLEASHED: GDP GROWTH Tops 4.1% in SECOND QUARTER
The US economy continued to roar to life in the second quarter of 2018 with GDP growth topping a whopping 4.1%; signaling a robust recovery under President Trump and the GOP-controlled Congress.
According to CNBC, Gross Domestic Product posted its largest gains in over four years on the back of strong consumer confidence and record-breaking business growth and optimism following the Republican-sponsored tax cuts.
“That’s the fastest rate of the growth since the 4.9 percent in the third quarter of 2014 and the third-best growth rate since the Great Recession. In addition to the strong second quarter, the Commerce Department revised its first-quarter reading up from 2 percent to 2.2 percent,” writes CNBC.
“We’re on track to hit the highest annual growth rate in over 13 years,” said the President. “And I will say this right now and I will say it strongly, as the deals come in one by one, we’re going to go a lot higher than these numbers, and these are great numbers.”
Read the full report here.
FLASHBACK to 2017: Leading Economists, Media ‘SKEPTICAL’ GDP Could GROW 3%
The US economy continued to reach new heights this week as recent reports showed a stunning 4.1% growth in GDP; shocking economists and “experts” who claimed 3% growth would be highly unlikely back in 2017.
Politifact published the dour economic article in May 2017, titled “Why economists are skeptical that U.S. can grow by 3 percent,” claiming leading experts believed such economic output would be highly unlikely during the Trump presidency.
“So do economists really think that 3 percent growth is no longer feasible? Basically, yes… Here’s why,” writes the author.
“We checked in with several economists on the left, right and center. The most bullish among them were merely skeptical about the chances of reaching 3 percent on a consistent basis. The majority were downright pessimistic,” adds the article.
Fast forward over one year later and the US economy is roaring to life under President Trump; smashing job expectations and nearing full employment in the wake of the GOP-sponsored tax cuts.
Read Politifact’s original article here.