U.S. economic update
President Trump promised growth in the neighborhood of 3%, and while the first quarter showed growth had slowed somewhat, reports of 2.6% growth in the second quarter are falling closer in line to the president’s goal.
Tepid growth in the first quarter rebounded quite significantly for the president with reports that the American economy grew at nearly 2.6% in Q2 of 2017. The growth was primarily driven by consumer spending. What’s most astonishing is that, despite what you’d hear from either democrats or republicans, this latest report of growth marks the 96th month of growth since the economic collapse. That’s the third longest economic expansion in the history of the United States. Here’s what else happened domestically on the economic front this month:
- The June jobs report showed that the U.S. economy added 222,000 jobs in the last month, however, the unemployment rate crept up slightly to 4.4%. Job growth was mainly in low paying jobs, however, and wage growth only grew slightly. Still, to echo the economic growth point made above, this represents the 81st consecutive month of job growth in the U.S.
- Economic and job growth likely means the fed will once again raise interest rates. The fed, led by chair Janet Yellen, raised rates again last month for the third time since last December.