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Trump's Forecast Of 4% GDP Growth Close To Coming True As Americans Spend Tax-Bill Proceeds
CNBC ^ | 06/14/18 | Patti Domm

Posted on 06/14/2018 3:52:44 PM PDT by Enlightened1

Surging consumer spending is driving GDP well above prior estimates, and it is now tracking near 4 percent for the second quarter.

That's almost double the pace of the first quarter.

Economists say the consumer is seeing the impact of the tax cuts and is spending, as a result of more disposable income

Armed with new-found proceeds from the tax bill, American consumers went shopping in May, driving retail sales — and economic growth — sharply higher.

The economy in the second quarter is tracking close to 4 percent growth — a level President Donald Trump raved about last December, just before the tax bill was approved. At the same time, he had also told reporters he was holding out for a doubling of growth to 6 percent.

For now, his 4 percent forecast is close to coming true on a quarterly basis, after strong retail sales data pushed up tracking GDP growth for the second quarter to about double the first quarter's level. The economy grew by 2.2 percent in the first quarter.

CNBC/Moody's Analytics Rapid GDP Update reported economists' estimates of tracking GDP show average growth at 3.8 percent, following Thursday's retail sales report. Their actual forecasts, which take into account economic reports yet to be released, is running at an average 3.6 percent.

Retail sales in May were up 0.8 percent, double what some economists expected. Without autos, sales were up 0.9 percent.

"On the heels of this data we now estimate real GDP is expanding at a 4.0% annual rate in Q2, up from our prior estimate of 2.75% and almost twice the 2.2% growth rate experienced in Q1," wrote JP Morgan chief U.S. economist Michael Feroli. If the economy hits that growth rate, it would be the best since the third quarter of 2014.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Constitution/Conservatism; News/Current Events; Politics/Elections
KEYWORDS: 4; gdp; growth; trump

1 posted on 06/14/2018 3:52:44 PM PDT by Enlightened1
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To: Enlightened1

Hey Barry, or I mean Barak, if you are reading this, what have you got to say.


2 posted on 06/14/2018 3:57:19 PM PDT by rovenstinez
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To: rovenstinez
”Hey Barry, or I mean Barak, if you are reading this, what have you got to say.”

I think we all know the answer to that one: “You didn’t build that economy.”

3 posted on 06/14/2018 3:59:31 PM PDT by noiseman (The only thing necessary for the triumph of evil is for good men to do nothing.`)
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To: rovenstinez

4 posted on 06/14/2018 4:04:53 PM PDT by Enlightened1
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To: Enlightened1

5 posted on 06/14/2018 4:07:46 PM PDT by Hadean
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To: Enlightened1

Don’t forget......millions of ordinary working folks have made a ton of money in the stock market. What I took out has already been gained back.


6 posted on 06/14/2018 4:25:20 PM PDT by Sacajaweau
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To: Enlightened1

I’m doing my share.


7 posted on 06/14/2018 4:41:04 PM PDT by PhiloBedo (You gotta roll with the punches, and get with what's real.)
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To: PhiloBedo

no doubt this news is being celebrated by all the MSM swamp creatures today!


8 posted on 06/14/2018 4:47:15 PM PDT by MAGAthon
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To: Enlightened1

Tax relief is downright trivial compared tp capitl gains.


9 posted on 06/14/2018 4:48:56 PM PDT by bert ((K.E. N.P. N.C. +12 ..... Greetings Jacques. The revolution is coming))
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To: rovenstinez

Abraca-effing-dabra!.............


10 posted on 06/14/2018 4:57:19 PM PDT by Red Badger (When Obama and VJ go to prison for treason, will Roseanne get her show back?...)
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To: Enlightened1
do I really have to say it???

11 posted on 06/14/2018 4:59:11 PM PDT by Chode ( We’re America, Bitch!)
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To: Enlightened1

12 posted on 06/14/2018 5:00:25 PM PDT by Chode ( We’re America, Bitch!)
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To: Enlightened1

Doubt my teeny $25/mo. helped much.


13 posted on 06/14/2018 5:27:58 PM PDT by bgill (CDC site, "We don't know how people are infected with Ebola.")
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To: Enlightened1

Oh, but I miss Obama and his 1% growth and his promise of the permanent loss of manufacturing jobs. The Democrats are the party of the future! They will keep us on welfare and screw companies! Please vote Democrat!!!!


14 posted on 06/14/2018 6:17:01 PM PDT by VeniVidiVici
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To: Hadean

15 posted on 06/14/2018 6:23:49 PM PDT by Reeses (A journey of a thousand miles begins with a government pat down.)
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To: Enlightened1

“Crumbs.” :-)


16 posted on 06/14/2018 7:45:08 PM PDT by Oatka (tHE)
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