The U.S. economy grew at an annual rate of 4.1 percent during the April-June quarter, according to The Washington Post. It is the fastest growth since the third quarter of 2014 and a significant boost from the first quarter's 2.2 percent growth rate.
Although the president celebrated the numbers, economists warn that the jump in growth likely is a blip and expect growth to be significantly lower during the third and fourth quarters.
Second-quarter growth likely was a result of stimulus from the trillion-dollar tax cut; a one-time rush by foreign companies to stock up on U.S. goods before Trump's trade war escalated and tariffs kicked in on products; and solid consumer spending. Exports added more than a percentage point to growth, which hasn't happened in years.
The Federal Reserve predicts annual growth will be 2.8 percent this year, decrease to 2.4 percent in 2019 and fall to 2 percent in 2020 as the stimulus from the tax cuts and added government spending fade.
