U.S. grows at fastest pace since 2014 gains

The total value of all US stocks is now equal to 154 percent of the annualized GDP.

So if we get 3 percent (or more) growth in 2018, President Trump can say he's delivered on a key campaign promise.

"We've accomplished an economic turnaround of historic proportions", he said.

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. And in 2015, full-year economic growth almost reached the 3 per cent level being targeted by the Trump administration this year when it hit 2.9 per cent. The rest of the year is likely to see a growth of around 3 percent.

It's not traditional for presidents to comment on economic growth figures before they are released, but President Trump isn't exactly a stickler for tradition. And the report's revisions of 2017 economic data suggest that American households saved significantly more last year than previously believed - a finding that suggests elevated rates of consumer spending could prove sustainable in the medium term. Private-sector economists predict growth will slow to 2.8 percent in the third quarter, according to Bloomberg polling. As businesses and consumers reset on account of lower tax rates, year-over-year spending hikes will dissipate.

Trump also touted a decrease in the U.S. trade deficit in the most recent quarter, calling it "one of the biggest wins". But that's illusory. Exports surged in the second quarter as soybean producers and others anxious about trade wars raced to get goods out of the country before tariffs were likely to go into effect. Consumer spending grew 4 percent, more than estimated, while nonresidential business investment climbed at a 7.3 percent clip.

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The Fed is widely expected to leave its benchmark rate unchanged at its policy meeting next week and then increase it in September by a quarter percentage point to a range between 2 per cent and 2.25 per cent. The result was boosted by a budget deal at the start of the year that added billions to defense and domestic spending.

Compared to the second quarter of 2017, the economy grew 2.8 percent. Paul Ashworth, at Capital Economics, said that as the government stimulus from tax cuts and higher spending fades, and the Federal Reserve's continued interest rates hikes begin to pinch, "growth will slow markedly from mid-2019 onwards".

Zandi forecast that growth for 2018 will reach 3 percent, which would be the best rate since before the Great Recession.

Trump also seemed to back down on his trade threats this week, after a meeting with European Commission President Jean-Claude Juncker.

"This morning's data confirms that growth has accelerated and that inflation is running close to the target", the report said.

The GDP report released Friday included a revision of previous years' figures. The recent stretch of subpar growth - just over 2 percent annually - is unprecedented.

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