The U.S. gross domestic product (GDP) grew at a rate of 2.6 percent between April and June, better than earlier this year but still below the 3 percent rate President Donald Trump wants.
After a GDP growth rate of 1.2 percent in the first quarter this year, the 2.6 percent rate the Department of Commerce announced Friday is a welcome signal in an otherwise sluggish economic recovery.
“You take a look at the environment and it’s a slow-growth environment, but it’s stable, and I think that’s what some investors are really overlooking,” Charlie Ripley, investment strategist at Allianz Investment Management, told CNBC.
Another good sign for the economy is that exports expanded faster than imports in the second quarter, and other the economy saw steady growth in personal consumption, nonresidential fixed investment.
Trump’s budget for 2018 assumes an adjusted growth rate of 3 percent, for which Congress needs to pass tax reform, House Speaker Paul Ryan said Friday.
“I feel much more confident that we’re going to stick the landing on tax reform because we have now said we have consensus, here’s the framework, let’s go get it done,” Ryan said Fox Business Network’s “Mornings with Maria” with Maria Bartiromo.
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