GDP growth hits 4.1 percent, the highest rate since 2014

The U.S. economy grew at its fastest rate since 2014 during the second quarter of this year, surging to 4.1 percent annual GDP growth, The Associated Press reported Friday.

Increased consumer spending helped boost growth, reports Bloomberg, as did some trade activity that sought to get ahead of incoming retaliatory tariffs on products like soybeans. President Trump expressed satisfaction with the numbers, calling the growth "terrific" even though it didn't quite meet his sky-high expectations. During the third quarter of 2014, growth hit 4.9 percent. Economists forecasted between 3 and 5 percent GDP growth for this quarter, and found that consumer spending outpaced their projections, in part due to tax cuts.

The surge in growth is likely temporary, experts say, and will probably cool down to around 3 percent throughout the rest of 2018. Read more at Bloomberg.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up