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July 27, 2018

Economy Grows at 4.1%, Fastest Quarterly Rate Since 2014

Trump has set 3.0% growth for the full year as a goal, which would have been likely if the quarterly rate had been 4.2%. But at 4.1%, economists now say 2.8% yearly growth is most likely.

Still, within striking distance, certainly.

t Anthony Chan breaks down the second-quarter GDP and the outlook for the U.S. economy. U.S. gross domestic product advanced by 4.1% in the second quarter, the fastest pace of economic expansion since 2014 when third-quarter growth reached 5.2%.

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After the GDP report was released President Trump tweeted, "Great GDP numbers just released." In a press conference at the White House Trump said annual GDP growth "will be over 3%."

The Trump administration has implemented pro-growth policies, including a sweeping tax reform package meant to bolster businesses. The last time annual GDP growth was above 3% was in 2005 when it came in at 3.3%. George W. Bush was president when the U.S. economy hit this growth rate. The best annual GDP reading under President Barack Obama was 2.9%.


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