Today, the Department of Commerce’s Bureau of Economic Analysis (BEA) released the second quarter gross domestic product (GDP) numbers, finding that the real gross domestic product increased at an annual rate of 2.1% percent in the second quarter.
“The Trump economy is growing strong and, on the heels of 3.1 percent growth in the first quarter, is poised to continue expanding,” said Secretary of Commerce Wilbur Ross. “President Trump’s ambitious agenda of deregulation, tax reform, and job creation is making the U.S. the premier place for business, and is restoring our position as an economic leader on the world stage.”
The Trump Administration’s policies have delivered repeated wins for American workers. In July, the current economic expansion became the largest in U.S. history – a testament to the strength of President Trump’s business-friendly policies.
In the second quarter, consumer spending, the engine of the U.S. economy, surged at a 4.3% annual rate, as spending on goods rose at the fastest rate since the first quarter of 2006.
The economy beat expectations again in June by adding 224,000 jobs, the last month of the second quarter, and averaging 129,000 jobs added per month over the past year. Since the President’s election, the country has added nearly 5 million jobs, while the manufacturing industry alone has added more than 500,000. The tight labor market benefitted American workers in another way in June as nominal average hourly earnings rose by 3.1 percent over the previous 12 months, meeting or surpassing 3.0 percent growth for the 11th month in a row. Before 2018, nominal average hourly wage gains had not reached 3.0 percent since 2009.