Q2 GDP Growth Was 4.2%, Blowing Past Trump’s Goal of 3% Q2 GDP Growth Was 4.2%, Blowing Past Trump’s Goal of 3% – NTK Network

Q2 GDP Growth Was 4.2%, Blowing Past Trump’s Goal of 3%

The U.S. economy is growing faster than it has any point since 2014.

By NTK Staff | 09.27.2018 @9:15am
Q2 GDP Growth Was 4.2%, Blowing Past Trump’s Goal of 3%

A final reading of the U.S. economy’s second quarter gross domestic product (GDP) showed a growth rate of 4.2 percent, the fastest pace in nearly four years.

The measurement matched analysts’ expectations and was a full two percent faster than the first quarter, which grew at a 2.2 percent rate. GDP “represents the total dollar value of all goods and services produced over a specific time period,” according to CNBC.

GDP, the broadest measure of how the economy is progressing, increased 4.2 percent, the Commerce Department’s Bureau of Economic Analysis reported, the same as expected from economists surveyed by Thomson Reuters. It was the fastest pace since the third quarter of 2014.

The Trump administration set a goal of three-percent GDP growth in early 2017. While the Q2 numbers are exceptional, all signs point to a strong Q3 so far, as well:

A sign that the July to September period could be on the high side also came Thursday morning, with U.S. durable goods order in August jumping 4.5 percent against expectations of just 2 percent. Durables rose 8.6 percent in the second quarter after a 2 percent decline in the earlier three-month period.

CNBC described the economy as “firing on nearly all cylinders.” The one exception they note is a sluggish housing market. Consumer confidence is at an 18-year high, and Americans are optimistic about the economy.

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