GDP grew at 4.1% last quarter

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President Trump touted the "GREAT GDP numbers" in the Commerce Department's report Friday morning - and predicted that "we're going to go a lot higher than these numbers" in the months to come.

He added, referring to predictions for the annual economic growth rate last quarter, "One of the geniuses on Wall Street said, '5.3.' OK, we'll take anything with a '4′ in front. Ahead, rising inflation will limit real income gains, and higher interest rates may already be impacting housing markets". "That said, there is every reason to expect that growth in the second half of the year will still be in the 3 percent range". And the report's revisions of 2017 economic data suggest that American households saved significantly more a year ago than previously believed - a finding that suggests elevated rates of consumer spending could prove sustainable in the medium term. "It's going to get better, it's totally sustainable, I look forward to next quarter", said the President.

"Trump has to be careful not to overhype this. But that ended", Mr. Trump said. "Wage growth has been anemic".

Trade contributed 1.06 percentage points GDP growth in the second quarter after being neutral in the January-March period.

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The $1.5 trillion tax cut passed by Congress late in 2017 was part of President Donald Trump's plan to boost economic growth to the above 3 per cent annual growth rate that marked the robust expansions of the 20th century.

"These numbers are very, very sustainable". "This isn't a one-time shot". "There was a big boost from trade, but that'll go away" and "it's highly unlikely we'll get 4 percent growth, or even 3 percent on a sustained basis".

"We believe quarter two will represent a growth peak as the boost from tax cuts fades, global growth moderates, inflation rises, the Fed tightens monetary policy and trade protectionism looms over the economy", said Gregory Daco, chief USA economist at Oxford Economics.

He said if the economy continues to grow at this rate, it could double in size 10 years faster than it would have under Presidents Barack Obama and George W. Bush.

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

Despite the strong second quarter, the forecast for 2018 remains at 2.8 percent, according to the Federal Reserve's rate-setting body. The stimulus is expected to fade sometime next year. And Doug Holtz-Eakin, a Republican and former director of the Congressional Budget Office, told The Washington Post that "Trump deserves some credit".

The second-quarter increase in GDP was in line with economists' expectations.

Business investment in equipment and structures was also positive, although the lion's share of the growth was coming from Americans opening their wallets.

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Compared to the second quarter a year ago, output grew 2.8 per cent. Ian Shepherdson, the chief economist of Pantheon Macroeconomics, says the Trump administration's ongoing trade fight with China is a big threat to the economy. "In our forecasts, the second quarter marks a high watermark for growth".