GDP growth hits 4.1 percent, the highest rate since 2014

GDP growth.
(Image credit: iStock)

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.

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Summer Meza, The Week US

Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.