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Most Workers Are Struggling as Trump and Corporate Media Tout Economic Growth

Most Workers Are Struggling as Trump and Corporate Media Tout Economic Growth

The economy's solid performance last quarter gave Trump a chance to bask in his policy victories, including the biggest tax overhaul since the Reagan era.

Ian Shepherdson of Pantheon Macroeconomics said swings in inventories and trade, as well as the fading effects from the income tax cuts could put third-quarter growth at three per cent.

The important questions to ask about Mr. Trump's economic policies have nothing to do with their short-term impacts, which are explained in Economics 101, but rather with the damage they threaten to inflict on the USA and global economies in the longer term. Inventories subtracted 1 point, the most since 2014, Commerce said, citing soybean stocks as well as those of drugs and sundries and petroleum and related products. "So I would guess the next time we write down our forecast for a year that it will go up by a couple of tenths".

The dollar trimmed gains versus a basket of currencies on the data, while Treasury yields retreated from session highs.

Former President Barack Obama was doubtful the man who followed him into the Oval Office could fix the sluggish US economy, but a federal report made public Friday provides solid evidence President Donald Trump is doing just that. "As the trade deals come in one by one, we're going to go a lot higher than these numbers".

The total value of all USA stocks is now equal to 154 percent of the annualized GDP. The GDP estimate is the first of three for the quarter, with the other releases scheduled for August and September when more information becomes available. With Friday's report, the government also published comprehensive revisions to prior GDP data, which did not change the previously presented economic picture.

They may be right - but if the economy does grow more than 3 percent for the entire year, it will be something of a milestone, in that it will be the first time since 2005 that we've seen that growth rate.

It was a good week for the economy, which is why our weekly Trump-o-meter reads BIGLY, our second highest score. He predicted it would be close, though economists surveyed by the Journal believe a figure of around 4.4% second-quarter growth is more likely.

The acceleration in real GDP growth in the second quarter reflected accelerations in PCE and in exports, a smaller decrease in residential fixed investment, and accelerations in federal government spending and in state and local spending, the BEA said in its release Friday.

The second quarter growth was the fastest one since the 4.9 percent growth recorded in the third quarter of 2014 and the third-best growth rate since the 2008 economic recession.

Households bought motor vehicles and spent more on health care, utilities, food and accommodation in the last quarter.

And that 4.1 percent growth is an "annualized" figure.

Meanwhile core PCE prices, a measure of inflation, grew 2% quarter-on-quarter, less than expected and a slight deceleration from the 2.2% pace of price growth seen to start the year.

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