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GREAT AGAIN? U.S. GDP Grew By Over 3% in Second Quarter

The president is hitting his economic targets.

Trump Thumbs Up

Retroactive analyses of the U.S. economy in the second quarter revised the initial estimation of economic gains to put the growth rate at over 3 percent in President Trump’s first full economic quarter.

Per CNBC:

The U.S. economy grew a bit faster than previously estimated in the second quarter, recording its quickest pace in more than two years, but the momentum probably slowed in the third quarter as Hurricanes Harvey and Irma temporarily curbed activity.

Gross domestic product increased at a 3.1 percent annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday. The upward revision from the 3.0 percent rate of growth reported last month reflected a slightly faster pace of inventory investment.

The report noted, however, that economic growth was expected to slow in the third quarter, due to the impact of Hurricanes Harvey, Irma, and Maria. But rebuilding efforts would boost GDP growth in succeeding quarters.

President Trump set 3 percent as his economic goal at the start of his administration, and the second quarter numbers indicate that the United States will reach the ambitious goal.