By Dan Calabrese ——Bio and Archives--August 31, 2017
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Gross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment. Growth last quarter was the best since the first quarter of 2015 and followed a 1.2 percent pace in the January-March period. Economists had expected that second-quarter GDP growth would be raised to a 2.7 percent rate. Retail sales and business spending data so far suggest the economy maintained its stamina early in the third quarter.Now keep in mind that only a limited portion of President Trump's economic agenda has been implemented. What he's been able to do via executive order in the areas of energy development and regulatory reform are important - far more so than you'd think from the scant coverage they get. These moves have allowed businesses to invest and hire with more confidence, and have given the U.S. a major leg up in world energy markets. Those are not just one-time developments, which is why economists are already talking about the third quarter as likely being just as strong, with minimal impact from Hurricane Harvey.
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