Washington, DC - The United States economy grew at a strong rate of 4.1 percent in the second quarter, adding to other recent news of new jobs, near-record low unemployment, and soaring business confidence.
FOX NEWS: GDP Report Shows Booming 4.1 Percent Growth, as Trump Touts “Terrific” Numbers
“The U.S. economy grew by 4.1 percent in the second quarter of 2018, marking the fastest economic expansion in nearly four years, according to a long-awaited official estimate released Friday by the Commerce Department … As reported by the Commerce Department’s Bureau of Economic Analysis, the growth from April to June was the largest since the economy’s 5.2 percent surge in the third quarter of 2014, which was the greatest economic expansion since the third quarter of 2003.”
BLOOMBERG: Economic Views Lift U.S. Consumer Comfort to Fresh 17-Year High
“Americans’ confidence rose to the highest level since February 2001 on brighter assessments of the economy, the Bloomberg Consumer Comfort Index showed Thursday. Confidence is rising as Americans continue to enjoy the benefits of tax cuts and a strong labor market, with data last week showing jobless claims fell to the lowest since 1969…”
NBC NEWS: U.S. Added 213,000 Jobs in June, Beating Expectations
“Total nonfarm payroll employment increased to 213,000 jobs in June, the 93rd straight month the number has gone up, the longest recorded streak … Employment increased in several industries, including health care, manufacturing and construction, though retail trade lost jobs. Wage growth accelerated in June to 2.7 percent annually.”
WASHINGTON EXAMINER: Jobless Claims Hover Near 50-Year Lows
“Even with the modest increase, average weekly claims have run near the lowest levels in a half century over the past month. Low claims are good sign. If few people are showing up at state unemployment agencies, it suggests that layoffs are rare and job creation is strong.”
THE WALL STREET JOURNAL: Economists Think U.S. Unemployment is Headed to a 50-Year Low
“Economists expect the low U.S. unemployment rate to go even lower over the next year, reaching levels not seen in a half-century. Private-sector economic forecasters surveyed in recent days by The Wall Street Journal on average saw the jobless rate—4% in June after touching 3.8% in May—falling to 3.7% by the end of 2018 and 3.6% by mid-2019.”
BLOOMBERG: U.S. Retail Sales Advance for Fifth Month, May Revised Up
“U.S. retail sales rose for a fifth month in June and figures from May were revised upward amid gains at auto dealers and nonstore vendors … A tight labor market and lower taxes have supported solid gains in household purchases, the biggest part of the economy..”
THE ASSOCIATED PRESS: US Factories Register Faster-Than-Expected Growth in June
“American factories expanded at an unexpectedly fast pace in June, another sign of strength for U.S. industry … The Institute for Supply Management, a trade group of purchase managers, says its manufacturing index rose last month to 60.2. That’s the highest level since February and up from 58.7 in May. Anything over 50 signals growth, and U.S. factories are on a 22-month winning streak.”
ABA BANKING JOURNAL: Small Business Optimism Index Maintains High in June
“The NFIB Small Business Optimism Index fell slightly to 107.2, 0.6 point below May’s record reading. This was the sixth highest reading in the index’s 45 year history and just below the record level (108.0) reached in 1983.”
BUSINESS INSIDER: 6 Months into the Trump Tax Law, Manufacturing Confidence is Through the Roof
“In the National Association of Manufacturers’ (NAM) quarterly outlook survey published on Wednesday, 95.1 percent of manufacturers surveyed said they have a positive outlook for their companies, a record-high in the past 20 years. The survey also found that among medium-sized manufacturers, 95.8 percent of those surveyed have a positive outlook. In addition to substantially increased confidence, projected employment growth and capital spending are at record levels. Manufacturers also project wage growth to rise at its fastest pace in 17 years.”
