USA economy posts best performance since late 2014

President Donald Trump speaks on trade at Granite City Works Steel Coil Warehouse Thursday

And it would nearly certainly mean a big boost in the standard of living for many Americans, with higher wages and better public services as the government raked in more tax dollars from a booming economy. "You're leading the entire world'".

The White House didn't respond to a question about whether Trump had been briefed in advance on Friday's report on economic growth.

Gross domestic product increased at a 4.1 per cent annualised rate also as government spending picked up, the Commerce Department said in its snapshot of second-quarter GDP on Friday.

Earlier in the week he tweeted that the U.S. had "the best financial numbers on the planet".

"It's going to be interesting to see the linguistic gymnastics the left is going to employ". But Trump thinks the second quarter growth figure will grow in the third and fourth quarter because his foreign policy plan is working.

When asked if he was allowed to speculate on the report, Mr. Kudlow said he "would never do such a thing". And he insisted the economic numbers are "very sustainable" and not "a one-time shot".

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. If the 4.1 percent economic growth is to be sustained, let's hope he's right.

Compared to the second quarter of 2017, the economy grew 2.8pc.

All the same, Friday's news is quite positive for the man who promised economic growth north of 4 percent - now he has to sustain that growth.

"Trade was great. Exports were up 9.3 percent". Just before Beijing's retaliatory tariffs against the US started at the beginning of July, US soybean exports to China skyrocketed.

But that boost in exports will now reverse because the tariffs have been imposed, Shepherdson says. "Yet when I say we're going to tax them everyone goes insane and says it's not free trade", he added.

The report fell short of the most bullish forecasts of five per cent or higher, with which Trump had teased audiences at events in Iowa and IL as recently as Thursday. Skeptics disagree, saying the 4.1 percent number from the second quarter was the result of a combination of factors that won't be repeated. "Going forward it's quite likely that we could see economic growth slowing from this sizzling rate in the second quarter".

He pointed to new tax cuts, de-regulation, increased government spending and the continuing trade negotiations. But, he says, that growth in spending will fizzle. Growth reached 5.2 per cent in the third quarter of 2014, before falling back to 2 per cent in the next quarter. "If growth continues at 3.0% the next two quarters, then real GDP growth will indeed make it to 3.1 percent on a Q4/Q4 basis", he wrote. Shepherdson predicts about the same. Note, too, that the trade war with the European Union is on hold and that the future for soybean exports now seems rosy (elsewhere, the Post, borrowing from Nancy "Crumbs" Pelosi's play book, writes off this good news as "beans"). If that escalates and disrupts supply chains and damages exports further, they say all bets are off on whether the economy will be growing at all or sliding toward a recession.

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