Economy and Confidence Keep Growing
- The economy grew 4.1 percent in the second quarter of 2018 – the largest single-quarter growth in four years.
- With disposable income up 3.5 percent and 1.2 million new jobs since tax relief, Americans report their highest level of economic confidence in 14 years.
- The U.S. is reaping the rewards of strong pro-growth policies, including tax relief and regulatory relief.
On Friday, the Commerce Department reported the largest single-quarter of economic growth in four years. In the second quarter of 2018, the economy expanded at an inflation-adjusted annual rate of 4.1 percent. It was “the fastest rate of growth since … the third quarter of 2014 and the third-best growth rate since the Great Recession,” CNBC noted. This follows 2.2 percent growth in the first quarter and 2.2 percent growth for 2017 as a whole.
Second Quarter Growth Reflects Surging Economy
The report also reflected good news for American consumers. Real personal disposable income continues to grow. Under President Obama, real disposable personal income averaged 2.3 percent, but in the first half of 2018 disposable income grew at a 3.5 percent annualized rate. Hardworking Americans have more money in their wallets.
This report continues the recent string of good economic news. Companies have repatriated $306 billion from overseas, the economy has created more than 1.2 million jobs since tax reform became law, and unemployment is near its lowest point in 18 years.
What They’re Saying about the Economy
ECONOMIC CONFIDENCE CONTINUES
In a recent poll, Gallup reported “The economy is Americans’ top response when asked to name the “most important thing going well” in the U.S. today.” When asked to rate the economy, 55 percent called it good or excellent. Gallup also found that Americans’ economic confidence is at a 14 year high.
Americans’ Economic Confidence Remains High
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