BREAKING: The U.S. economy grew at a modest 2% annual rate in the second quarter, a pace sharply lower than the 3%-plus growth rates seen over the past year.
FILE - In this Sept. 6, 2019, file photo passengers board a ferry that departs from Port Everglades in Fort Lauderdale, Fla. On Thursday, Sept. 26, the Commerce Department issues the third and final estimate of how the U.S. economy performed in the April-June quarter.
The government’s third and final look at second-quarter GDP growth was the same as the previous estimate, although the components were slightly altered. Consumer spending and business investment rose at slower rates than previously estimated, but this was offset by slightly stronger gains in government spending and exports.
President Donald Trump, who is counting on a strong economy to boost his re-election bid, has called the economy’s performance the best ever. But after a spurt in growth last year due to the president’s $1.5 trillion tax cut program, growth has slowed noticeably to slightly below the 2.2% annual growth rates turned in during the current economic expansion.
The economy has achieved four quarters of 3%-plus GDP rates since Trump took office in early 2017, but economists doubt that this pace can be achieved on a sustained basis given the labor force and productivity issues facing the country. “It all hinges on the president and what he decides to do with trade,” Zandi said. “If he follows through on this tariff threats later this year, then in all likelihood growth will slow and we would end up in a recession next year.”
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