Trump cheers ‘amazing’ economic growth as economists caution it could be a blip

cheap Canada Goose economic growth jumped in the second quarter, a boost for President Trump and Republicans as they seek to make a strong economy a key part of their campaign message to voters Canada Goose online heading into November’s canada goose coats on sale midterm elections. But economists cautioned that the higher growth is probably a blip. cheap Canada Goose

canada goose The economy expanded at an annualized rate of 4.1 percent from April to June, the fastest growth since the third quarter of 2014 and a sharp jump from the first three months of the year, when the economy grew at a tepid 2.2 percent rate, according to the Commerce Department. canada goose

canada goose store Trump cheered the numbers Friday, holding an impromptu news conference outside the White House, touting the “amazing” growth from his tax and trade policies. canada goose store

“We’re going to get a lot higher than these numbers and these are great numbers,” Trump said, flanked cheap Canada Goose by his economic team. goods before Trump’s trade war escalated and tariffs kicked in on many products. Consumer spending was also solid.

Canada Goose Outlet But the canada goose coats widespread expectation is that growth will be significantly canada goose factory sale lower in the third and fourth quarters, probably falling short of Trump’s 3 percent goal for the year. Canada Goose Outlet

canadian goose jacket “The bottom line takeaway uk canada goose outlet is that this growth is not sustainable and it will slow in the second half of the year,” said Lakshman Achuthan, co founder of the Economic Cycle Research Institute. canadian goose jacket “President Trump should celebrate this number because it is going to ease from here.” canadian goose jacket

buy canada goose jacket The federal government will release its initial estimate of third quarter growth Oct. 26, just 11 days before voters go to the polls, making it a key test of Canada Goose sale whether high growth appears to be sustainable. buy canada goose jacket

buy canada goose jacket cheap “Trump has to be careful not to overhype this. There are still areas of the country that have not fully come back and that’s Trump’s constituency,” said Greg Valliere, chief global strategist at Horizon Investments. growth, they say it temporarily boosted growth in the spring as foreign firms rushed to make purchases before the tariffs took effect. canada goose store Exports added more than a percentage point to growth, something that hasn’t happened in years and is unlikely to repeat. soybeans went into effect, part of a broad retaliation against Trump’s tariffs on a canada goose uk black friday range of foreign products. buy canada goose jacket cheap

canada goose coats Economists expect the ongoing trade war to curtail growth later this year as foreign companies buy less from the United States. canada goose coats

Trump said the higher growth will carry on.

canada goose deals “These numbers are very, very sustainable,” he said Friday. “This isn’t a one time shot.” canada goose deals

Canada Goose Jackets The Trump administration has repeatedly predicted growth will be 3 percent a year for years to come, a projection most mainstream economists see as overly optimistic. Canada Goose Jackets

Canada Goose Parka The Federal Reserve predicts annual growth will be Canada Goose Parka 2.8 percent this year, fall back to canada goose outlet 2.4 percent in 2019, and drop to 2 percent in 2020 as the stimulus from the tax cuts and added government spending fade. Canada Goose Parka

canada goose coats on sale Trump cast the growth under canada goose clearance sale his administration as far stronger than what occurred under Barack Obama or George W. Bush, but the data does not back that up. economist at Capital Economics. economy grew by 2.9 percent in 2015 and 2006, and more than 3 percent in 2004 and 2005. canada goose coats on sale

canada goose clearance Economists say the encouraging part of Friday’s report is that the fiscal stimulus does appear to be driving more Americans to buy things, as expected. canada goose clearance

Canada Goose online “Trump deserves some credit. It’s unmistakable the tax bill and regulatory changes uk canada goose fed into this,” said Doug Holtz Eakin, a canada goose uk outlet Republican and former director of the Congressional Budget Office. Canada Goose online

canada goose black friday sale Personal consumption was strong in cheap canada goose uk the second quarter, probably aided by the reduction in taxes for many Americans and the increase in optimism about the economy, especially among Republicans. canada goose black friday sale

Canada Goose sale “While we always expected a bounce back in consumption, it was more powerful than anticipated and Canada Goose Coats On Sale speaks to the impact of Canada Goose Jackets an increasingly tight labor market and strong job growth on consumer income and household’s confidence,” said Brian Coulton, chief economist at the ratings agency Fitch. Canada Goose sale

canada goose clearance sale Business investment in equipment and structures was also positive, although the lion’s share of the growth was Canada Goose Online coming from Americans opening their wallets. A bump in federal government spending also added to the pickup in canada goose clearance growth this spring as Congress approved additional money canada goose for the military and domestic programs canada goose clearance sale.