The United States economy continued to roar to life under President Trump and the Republican-led Congress in the third quarter of 2018; beating expectations as GDP grew at a healthy 3.5% pace.
According to CNBC, the United States Gross Domestic Product rose “faster than expected,” expanding at a 3.5% rate instead of economist predictions of 3.4%.
“The U.S. economy grew at a faster-than-expected rate in the third quarter as inflation was kept in check and consumer spending surged, according to data released by the Commerce Department on Friday,” writes CNBC.
“Gross domestic product expanded by a 3.5 percent annual rate. Economists polled by Dow Jones expected the economy to expand by a 3.4 percent annual rate,” adds the article.
“The headline was not too far from expectations, but we did get a few surprises. Consumer was stronger than we expected,” added a senior economist. “The consumer accounts for 68 percent of overall GDP, and the consumer really drives the bus.”
Read the full report here
GREAT AGAIN: GDP Estimates SOAR TO 4.8% in SECOND QUARTER
The US economy continues to roar to life under President Trump and the GOP-controlled Congress, with the Atlanta Federal Reserve raising the economic estimates for the second quarter of 2018 up to a staggering 4.8%.
According to Reuters, the US Gross Domestic Product is growing at an annualized rate of nearly 5%, citing strong domestic sales numbers and record-setting exports after months of continued growth.
“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.8 percent on June 14, up from 4.6 percent on June 8,” says a new report from the Federal Reserve Bank of Atlanta.
The staggering statistics come on the heels of record breaking tax revenue and an inverted job index for the first time in US history, where there are more jobs available than workers to fill them.
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.