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U.S. Economy Expands 4.1%
Real gross domestic product in the U.S., which rose 2.2% in the first quarter, climbed by an annualized 4.1% in the second quarter of 2018, according to an initial estimate by the Dept. of Commerce.
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Real gross domestic product in the U.S., which rose 2.2% in the first quarter, climbed by an annualized 4.1% in the second quarter of 2018, according to an initial estimate by the Dept. of Commerce.
The expansion is the largest for any period since the third quarter of 2014. The bureau will revise its estimate in late August and again in late September as further data become available.
Second-quarter growth was driven by stronger consumer and government spending. But analysts caution that growth was affected by unusual factors and isn’t like to be sustained later in the year. They point to a 9% jump in exports. The surge was driven largely by real and threatened U.S. import tariffs, which prompted buyers overseas to stock up—notably on soybeans—ahead of expected retaliatory import taxes by their home countries.
The bureau notes that growth in real disposable personal income slowed to 2.6% in April-June from 4.4% in the first quarter. Personal savings shrank 4%.
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