There was plenty for U.S. President Donald Trump to crow about Friday morning, as second-quarter economic growth displayed muscle
Gross domestic product grew at a solid 4.1% pace, its best pace since 2014, boosting hopes that the economy is ready to break out of its decade-long slumber.
The number from the U.S. Commerce Department matched expectations from economists and was boosted by a surge in consumer spending and business investment. Stock market futures edged lower on the news while government bond yields moved lower.
That's the fastest rate of the growth since the 4.9% in the third quarter of 2014 and the third-best growth rate since the Great Recession. In addition to the strong second quarter, the department revised its first-quarter reading up from 2% to 2.2%
In addition to the rise in consumer and business spending, increases in exports and government spending also helped. Personal consumption expenditures rose 4% while business investment grew 7.3% while federal government outlays increased by 3.5%.
