UP AND UP

U.S. GDP Growth Hits 4.1% in Second Quarter, Fastest Since 2014

Commerce department says high consumer spending drove the growth.

Growth in the U.S. economy hit 4.1 percent in the second quarter—the fastest rate of growth since 2014. The commerce department reported Friday that high consumer spending drove the dramatic growth, up from first quarter growth of 2.2 percent. A surge in soybean shipments ahead of the introduction of President Trump’s controversial trade tariffs helped net exports contribute a 1.06 percentage point to the pace of growth—the most since 2013. The strong figures give Trump a chance to laud his policies, such as his tax cuts, which Bloomberg reports may have boosted consumer spending and business investment. However, experts have warned that the impact of those tax cuts is fading, and that the burgeoning tariff war with China and other large economies means growth may not carry on growing at such a pace.