NEW: U.S. economy slowed to a modest growth rate of 1.9% in the summer, above some expectations but far below the 3%-plus increases Pres. Trump has set as a benchmark.
The U.S. economy slowed to a modest growth rate of 1.9% in the summer as consumer spending downshifted and businesses continued to trim their investments in response to trade war uncertainty and a weakening global economy.
Still, the GDP gain was far below the 3%-plus increases that President Donald Trump has set as a benchmark to demonstrate that his policies are succeeding in lifting the economy above the modest 2.2% growth of the Obama years. Residential investment, which had been falling for six quarters, finally saw an increase, rising at a 5.1% rate, a gain that reflected the impact lower mortgage rates from the Federal Reserve's rate cuts were having on sales and construction plans.
Growth this year is forecast to come in around 2.3%, which will be a disappointment to the president, who has repeatedly proclaimed that his economic policies featuring tax cuts, deregulation and tough enforcement of trade agreements would lift the country out of the doldrums of the slowest economic expansion in the post World War II period.
The president, however, has blamed the Federal Reserve for the weaker growth, calling Fed officials"boneheads" for raising rates four times last year and being slow to cut rates this year.
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