'The latest figures point to the general fecklessness of the Trump administration’s economic leadership.' Columnist hiltzikm explains the Bureau of Economic Analysis' new report:
: Consumer spending is remarkably strong, and the GDP grew slightly faster than economists expected.
The fading impact of the 2017 tax cut, a global manufacturing recession and the uncertainty tax imposed by trade policy ... will continue to damp growth in the second half of the year.Trump, it will be recalled, boasted during his presidential campaign that his policies would power economic growth to more than 3% a year — specifically, 3.5% or even 4%. Treasury Secretary Steven T.
The latest figures indicate that the growth in business investment prompted by the tax cuts faded fast. Nonresidential business investment, which was supposed to be a chief beneficiary of the tax cuts, fell in the second quarter by 0.6%, annualized. That was the worst performance in the category since the fourth quarter of 2015, and a screeching slowdown from the surge of 8.8% and 7.9% seen in the first two quarters of 2018, right after the tax cuts were passed.
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