Gross domestic product grew at a solid 4.1 percent pace in the second quarter, its best pace since 2014, boosting hopes that the economy is ready to break out of its decade-long slumber.
The number matched expectations from economists surveyed by Reuters and was boosted by a surge in consumer spending and business investment. Stock market futures edged lower on the news while government bond yields moved lower.
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.
The administration has used a mix of tax cuts, deregulation and spending increases to goose growth. White House budget director Mick Mulvaney told CNBC earlier this week that deregulation likely has had the most impact so far as companies feel more comfortable about committing capital.
https://www.cnbc.com/2018/07/27/us-gdp-q2-2018.html
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We're just getting started, folks. The tax cuts didn't hit until February's paychecks. Consumer confidence is up as is consumer spending, as they put that extra cash from tax cuts into the economy:
The strong number was goosed by a 4 percent rise in consumer spending, up sharply from less than 1 percent in the first quarter. That was a bright spot, as it shows consumer demand and consumption is strong, Michael Gapen, an economist at Barclays, told clients.
https://www.usatoday.com/story/mone...ace-four-years-boost-u-s-consumers/845305002/
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The number matched expectations from economists surveyed by Reuters and was boosted by a surge in consumer spending and business investment. Stock market futures edged lower on the news while government bond yields moved lower.
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.
The administration has used a mix of tax cuts, deregulation and spending increases to goose growth. White House budget director Mick Mulvaney told CNBC earlier this week that deregulation likely has had the most impact so far as companies feel more comfortable about committing capital.
https://www.cnbc.com/2018/07/27/us-gdp-q2-2018.html
------------------------
We're just getting started, folks. The tax cuts didn't hit until February's paychecks. Consumer confidence is up as is consumer spending, as they put that extra cash from tax cuts into the economy:
The strong number was goosed by a 4 percent rise in consumer spending, up sharply from less than 1 percent in the first quarter. That was a bright spot, as it shows consumer demand and consumption is strong, Michael Gapen, an economist at Barclays, told clients.
https://www.usatoday.com/story/mone...ace-four-years-boost-u-s-consumers/845305002/
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