Economy & Business

Q2 Growth Rate Stands Unrevised at 4.2 Percent

The U.S. Gross Domestic Product (GDP) rose at 4.2 percent during the second quarter, confirming initial estimates, the Commerce Department announced Thursday.

The report confirms investor optimism and was largely backed by consumer spending and business investment. Economists estimate GDP is on track to grow at roughly 3 percent on the year, the strongest annual growth rate since 2005. The recent numbers continue a ten year growth trend, the longest in the country’s history.

Corporate profits were also on the rise in second quarter, increasing 2.1 percent, down from an 8.1 percent increase in the first quarter, which was spurred by the Republican-led tax reform bill.

Exports were revised up from initial estimates while imports were revised slightly down as the Trump administration’s trade conflict with China drags on. The export increase is likely reflective of a short-term emphasis on quickly offloading soybeans and other products before stringent tariffs take effect, leading some economists to speculate the growth will cool in the third quarter to between 3 and 3.5 percent.

The Federal Reserve raised its benchmark rate from to 2 to 2.25 percent, prompting criticism from Trump, who is concerned about the possible cooling effects on an economy he frequently claims credit for.

“We’re doing much better than anybody thought possible,” Trump said at a Wednesday news conference.

Most Popular

White House

For Democrats, the Party’s Over

If the Democrats are really tempted by impeachment, bring it on. Since the day after the 2016 election they have been threatening this, placing their chips on the Russian-collusion fantasy and then on the phantasmagoric charade of obstruction of justice. The attorney general accurately gave the ingredients of the ... Read More
Politics & Policy

The Worst Cover-Up of All Time

President Donald Trump may be guilty of many things, but a cover-up in the Mueller probe isn’t one of them. House Speaker Nancy Pelosi, attempting to appease forces in the Democratic party eager for impeachment, is accusing him of one, with all the familiar Watergate connotations. The charge is strange, ... Read More
PC Culture

TV Before PC

Affixing one’s glance to the rear-view mirror is usually as ill-advised as staring at one’s own reflection. Still, what a delight it was on Wednesday to see a fresh rendition of “Those Were the Days,” from All in the Family, a show I haven’t watched for nearly 40 years. This time it was Woody Harrelson ... Read More
Politics & Policy

The Democrats’ Other Class War

There is a class war going on inside the Democratic party. Consider these two cris de couer: Writing in the New York Times under the headline “America’s Cities Are Unlivable — Blame Wealthy Liberals,” Farhad Manjoo argues that rich progressives have, through their political domination of cities such as ... Read More

The Deepfake of Nancy Pelosi

You’ve almost made it to a three-day weekend! Making the click-through worthwhile: A quick note about how National Review needs your help, concerns about “deepfakes” of Nancy Pelosi, one of the most cringe-inducing radio interviews of all time, some news about where to find me and the book in the near ... Read More