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Gross domestic product increased 4.1 percent in the second quarter, matching Reuters estimates.
Strong consumer and business spending as well as a surge in exports ahead of retaliatory tariffs from China helped drive economic growth.
The last time the economy grew this quickly was in the third quarter of 2014.
"We're on track to hit the highest annual growth rate in over 13 years," President Donald Trump said in remarks an hour after the report hit. "And I will say this right now and I will say it strongly, as the deals come in one by one, we're going to go a lot higher than these numbers, and these are great numbers."
Of this, $2.858 trillion was non-revolving debt, and it rose 6.2 percent. Most of non-revolving debt is education and auto loans. In March 2018, school debt totaled $1.521 trillion and auto loans were $1.118 trillion.
Credit card debt totaled $1.039 trillion, rising 11.4 percent. It exceeded the record of $1.02 trillion set in 2008. But credit card debt is only 26.7 percent of total debt. It was 38 percent in 2008.
originally posted by: toysforadults
a reply to: neo96
Lol.
It's cause Obama durr.
originally posted by: toysforadults
a reply to: DBCowboy
You really need to start looking deeper than what you just post to really get any info.
"During each of two previous administrations, we averaged just over 1.8 percent GDP growth. By contrast, we are now on track to hit an average GDP annual growth of over 3 percent, and it could be substantially over 3 percent," Trump said. "Each point, by the way, means approximately $3 trillion and 10 million jobs."
originally posted by: pavil
a reply to: toysforadults
We do need a smart comprehensive infrastructure Bill passed. Maybe we can rebuild the inner cities of many of our major urban cities instead of ghost cities.
originally posted by: DBCowboy
originally posted by: pavil
a reply to: toysforadults
We do need a smart comprehensive infrastructure Bill passed. Maybe we can rebuild the inner cities of many of our major urban cities instead of ghost cities.
Been done.
Didn't Obama pass some sort of 900 billion bill for the infrastructure.
We're solid there.
Plus he did quantitative easement for infrastructure.
So we're golden there!