Joe Lavorgna, chief economist of the America at Natixis, said in a note Thursday that he expects GDP grew at an annualized rate of 4.7% in the second quarter with consensus indicating a year-on-year increase in real GDP of 3.1%. The second quarter figures included several one-time factors, that won't happen in the third quarter, according to economists.
The United States slapped 25 percent duties on $34 billion worth of Chinese goods effective July 6, provoking a similar response from Beijing, which targeted soybeans and other agricultural products as well as USA -made cars. Canada, Mexico and the European Union also imposed new duties in recent weeks on some U.S. exports in retaliation for U.S. tariffs on steel and aluminium. "Producers may have front-loaded some goods for exports ahead of the tariffs", JPMorgan's Feroli said. Now, I don't want to say that too much and I didn't want to say too much during the campaign because I would have been criticized, people wouldn't have believed it...
Compared to the second quarter a year ago, output grew 2.8 per cent.
First-quarter growth tends to undershoot the rest of the year because of the so-called residual-seasonality issue that stems from how the Commerce Department adjusts for calendar and holiday effects.
The Trump Administration has said this is the beginning of a new era of stronger growth after the tax cuts and higher government spending, but the vast majority of independent economists see this quarter as a blip. Central bank officials had raised rates twice this year and pencilled in two further increases this year and three in 2019, Efe news reported.
Otherwise, the growth will temper off. Trump has kept his promise for one quarter - but he may not be able to keep it for a whole year. But Trump thinks the second quarter growth figure will grow in the third and fourth quarter because his foreign policy plan is working.
The US economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014, letting PresidentDonald Trumpclaim a win for his policies even though expansion is projected to cool.
Americans have ramped up their spending after cutting back in the first three months of the year, encouraged by tax cuts that have left more money in their pockets.
Zoo accused of painting zebra stripes on a donkey
Mahmoud Sarhan posted photos of the animal to Facebook after a recent trip to Cairo's International Garden municipal park. A visitor to a Cairo zoo poses for a photo with one of the "Zebras" in the zoo which are suspected to be painted donkeys.
The president has been floating plans to slap import taxes on hundreds of billions of dollars of foreign goods, which has led to the risk of retaliatory tariffs by foreign companies on USA goods. That is expected to have sharply narrowed the trade deficit. Daniel Silver, an economist at JPMorgan Chase, forecast that soybean exports alone likely boosted GDP by 0.5 percentage point in the second quarter.
The import duties also likely prompted businesses to increase their pace of inventory accumulation.
The negative contributors to the economic growth were private inventory investment and residential fixed investment.
The US economy roared into high gear in the spring, growing at the fastest pace in nearly four years.
She said she didn't know Jarrett was black when she made her tweet in which she called Jarrett a " Planet of the Apes " actor. She said she had not tried to contact Jarrett to apologize personally because she feared being screamed at on the phone.
Saturday, BART police found Don Stevens, 47, unconscious on the platform at the BayFair Station in San Leandro, KPIX reported . Authorities have not determined a motive for the attack and have no evidence thus far that suggest it was racially motivated.
He said he saw his daughters, Sophia and Vasiliki, alive on TV news footage as they got off a fishing boat which had rescued them. Relatives of those reported missing have been posting photographs on a website in the hope of tracing their whereabouts .
Taliban officials met secretly with a senior United States diplomat in Qatar last week, sources in the group have told the BBC. NYT described the meetings as "a reversal of a longstanding USA policy" of not holding direct talks with the Taliban.
Even though Sebastian Vettel has won four Formula One titles and 51 races, he is still prone to worrying lapses of concentration. After Vettel was held up for eight laps, and complained repeatedly about it, Ferrari ordered Raikkonen to let him past.
A Go Fund Me effort to help Ed Bledsoe had raised half its $30,000 goal by Sunday. "It looked like a war zone, " he said. Homes leveled by the Carr Fire line the Lake Keswick Estates area of Redding, Calif ., on Friday, July 28, 2018.
Trump will seek to revoke California's authority to regulate automobile emissions, including its mandate for electric auto sales. A legal battle is sure to ensue, so expect to hear much more on the fuel economy front in the coming weeks and months.
Riyad Mahrez has revealed he rejected interest from other clubs when Manchester City renewed their interest in him this summer. Manchester City midfielder Leroy Sane will be seeking a big season after missing out on the German squad for the World Cup.
British Open at a glance
Francesco Molinari of Italy holds the trophy after winning the British Open Golf Championship in Carnoustie, Scotland , Sunday. Spieth posted a 65 to jump up 10 spots, while Woods moved up 23 spots after shooting a 66 to lurk four shots off the lead.
Priyanka Chopra and Nick Jonas engaged?..
At the Met Gala, Priyanka had just laughed off a romance with Jonas, insisting they simply shared an agent and were friends. The pair attended the Met Gala together in 2017, and are said to have stayed in touch after becoming close past year .
English court rules woman must stay in 'loveless' marriage
The court's decision angered a number of legal experts who claim the law is out of date and in desperate need of changing. A statement made by Mr Owens' solicitors said he should not be "unfairly criticised for attempting to save his marriage".
Search continues for missing Iowa woman
He doesn't remember anyone in the community ever going missing this long, but he said the rural area makes the search hard. Authorities in Brooklyn , Iowa are trying to unravel the mystery of what happened to Mollie Tibbetts .