New reports show that President Trumpâ€™s economy continues to surge, as first quarter numbers for 2019 indicate a powerful year, with the US GDP showing 3.2% growth.
President Trump said on Friday that â€œThe country is doing very well, in every respect.â€�
â€œWeâ€™re knocking it out of the park, as they say,â€� said Trump, adding, â€œand weâ€™re very happy about that.â€�
President Trump: â€œThe country, though, is doing very well in every respect. Weâ€™re just doing well. Weâ€™re knocking it out of the park, as they say. And weâ€™re very happy about that.â€� pic.twitter.com/390bhfdwbh
â€” The Hill (@thehill) April 27, 2019
While economists and the press have expected far slower growth rates, Fridayâ€™s numbers came as a surprise, as well as a win for the president as the 2020 election draws nearer.
For Trump, the countryâ€™s strong economy and low unemployment rates will serve as a major pillar in his campaign in the upcoming election, as he seeks to fend off Democrat challengers largely focused on social issues.
From The Hill:
Economic growth in the U.S. blew past expectations in the first quarter of 2019, easing fears of an impending slowdown that kicked off the year.
U.S. gross domestic product (GDP) grew at an annual rate of 3.2 percent in the first quarter of 2019, according to an initial estimate of growth released Friday by the Commerce Department.
Economists had expected U.S. GDP to grow roughly 2.5 percent between the first quarters of 2018 and 2019, typically one of the weaker periods for the American economy. Shaky financial markets, lagging retail sales and weak job gains all improved over the course of the first four months of 2019, improving the overall economic outlook along the way.
Increases in consumer spending, private inventory investment, nonresidential fixed investment, exports and nonfederal government spending helped drive strong first quarter growth, the Commerce Department said.
The second estimate for first-quarter growth, based on a fuller set of data, will be released on May 30.
The surprisingly high first quarter growth rate is the latest sign of strength for the U.S. economy well into its 10th year of expansion since the Great Recession. The economy grew at a solid 2.9 percent rate in 2018, but slowing growth and severe financial market turmoil to end the year raised concerns of an impending slowdown.
Despite a sluggish start to 2019, the U.S. economy has added an average 180,000 jobs per month this year while the stock market has reached record highs.
The persistent strength of the economy is also welcome news for President Trump, who is banking on consistent growth and low unemployment to survive a difficult reelection bid in 2020.
Trump told reporters Friday morning that while he couldnâ€™t comment directly on the GDP numbers, â€œThe country through is doing very well in every respect.â€�
White House officials are barred from commenting on closely watched economic data within the first hour after its release.
â€œWeâ€™re knocking it out of the park, as they say. And weâ€™re very happy about that,â€� Trump said shortly after the report was published.