Second-quarter GDP up 4.1%, as expected, amid hopes for breakout growth
Gross domestic product grew at a solid 4.1 percent pace in the second quarter, boosting hopes that the economy is ready to break out of its decade-long slumber.
The number matched expectations from economists surveyed by Reuters and was boosted by a surge in consumer spending and business investment.
That’s the fastest rate of the growth since the third quarter of 2014 and the third-best growth rate since the Great Recession.
In recent days, White House officials have been indicating the reading will be strong.
President Donald Trump himself tweeted a few days ago that the U.S. has the “best financial numbers on the planet,” while National Economic Council Chairman Larry Kudlow predicted on Thursday that Q2 GDP will be “big.”
