Trump is in MO lying about economy again; GDP @3%

[elleng]

3. U.S. Economy Grew 3% in 2nd Quarter, Fastest Pace in 2 Years.

'The current recovery marked its eighth birthday this summer — old by economic standards — but it is showing some unexpected vigor.

The Commerce Department said Wednesday that the economy had expanded at an annual rate of 3 percent in the second quarter of the year, better than initially estimated, and a substantial acceleration over the first quarter’s lackluster 1.2 percent pace.

The revised figure is still well below President Trump’s target of 4 percent growth, but it is the best economy’s best quarterly showing in two years.

“The economy is stronger than you think,” said Chris Rupkey, the chief financial economist at Mitsubishi UFJ Financial Group in New York. “Bet on it.”

The improvement was driven in large part by strong consumer activity, with purchases of durable goods like automobiles and appliances rising strongly. Increased business spending also helped lift the latest estimate above Commerce Department’s initial reading of 2.6 percent for the quarter.'>>>

https://www.nytimes.com/2017/08/30/business/economy/gdp.html?