Trump hails U.S. economic growth spurt, promises more ahead

President Trump Speaking on Tariffs

President Trump Speaking on Tariffs

Economists have questioned whether growth can continue at such a pace, but Mr. Trump and his advisers argued it was more than a "one-time shot", citing, among other factors, gains in business investment and productivity that they said resulted from deep cuts in corporate taxes."This is a boom that will be sustainable", Mr. Trump's chief economic adviser, Larry Kudlow, said, "frankly as far as the eye can see".

The gross domestic product (GDP) numbers, considered an official economic scorecard for the country, will be touted by the Trump administration as a strong indication that its tax cuts, commitment to deregulation and tough trade policies have paid off.

Dear reader, new orders at durable goods manufacturers is just one example in a growing list of indicators suggesting that an economic slowdown is ahead for the United States. But from the second quarter of 2009 through the end of a year ago, GDP has grown at averaged annualized rate of 2.2 percent.

In other words, foreign companies appear to be importing as many goods as they can from the US before their own governments retaliate against Trump's tariffs with duties of their own.

The 4.1 percent growth figure may or may not be sustainable.

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"The real issue is what is the underlying strength and what is temporary", said Sung Won Sohn, chief economist at SS Economics in Los Angeles. That means for the entire year, growth will be about 3%, not much better than we have seen in the past few years.

Also nudging GDP growth upward were stimulus effects from the tax cuts that went into effect at the beginning of the year and a big increase in government spending. That's the fastest pace since 2014, driven by consumers who began spending their tax cuts and exporters who rushed to get their products delivered ahead of retaliatory tariffs.

Otherwise, the growth will temper off. Trump has kept his promise for one quarter - but he may not be able to keep it for a whole year. "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 federal government will release its initial estimate of third quarter growth October 26, just 11 days before voters go to the polls, making it a key test of whether high growth appears to be sustainable. Economists had forecast 4.2% growth.

The Commerce Department just announced that the economy grew at a 4.1% GDP Growth rate in the second quarter of this year.

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Americans have ramped up their spending after cutting back in the first three months of the year, encouraged by tax cuts that have left more money in their pockets.

The front-loading of deliveries of soybean and other goods probably boosted export growth in the second quarter and offset a tariff-induced increase in imports.

MARTIN: The president in his remarks today reinforcing a message he has put out for many months that he views America as getting ripped off on trade, talking about the deficit.

After a report on durable-goods orders, along with data showing a wider merchandise-trade deficit in June and weaker-than-expected inventories, several estimates of Q-2 GDP growth declined.

MARTIN: NPR business reporter Chris Arnold is also with us right now.

Former Fiat Chrysler boss Sergio Marchionne has died
In 2009, he organized a merger with Chrysler in the USA and formed Fiat Chrysler Automobiles, becoming CEO of the new company. Appointed CEO of Fiat in 2004, Marchionne became known as a no-nonsense workaholic, pushing his subordinates hard.

Business Investment The growth in nonresidential business investment contributed nearly 1 percentage point to growth though the 7.3 percent pace was slower than the first quarter's 11.5 percent.

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