“Gross domestic product grew at a solid 4.1 percent pace in the second quarter, its best pace since 2014, boosting hopes that the economy is ready to break out of its decade-long slumber,” Jeff Cox reports for CNBC. “The number matched expectations from economists surveyed by Reuters and was boosted by a surge in consumer spending and business investment.”
“That’s the fastest rate of the growth since the third quarter of 2014 and the third-best growth rate since the Great Recession. In addition to the strong second quarter, the Commerce Department revised its first-quarter reading up from 2 percent to 2.2 percent,” Cox reports. “In recent days, White House officials have been indicating the reading will be strong. President Donald Trump himself tweeted a few days ago that the U.S. has the ‘best financial numbers on the planet,’ while National Economic Council Chairman Larry Kudlow predicted on Thursday that Q2 GDP will be ‘big.'”
“The administration has used a mix of tax cuts, deregulation and spending increases to goose growth,” Cox reports. “White House budget director Mick Mulvaney told CNBC earlier this week that deregulation likely has had the most impact so far as companies feel more comfortable about committing capital… ‘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.'”
Read more in the full article here.
MacDailyNews Note: A strong U.S. economy and high consumer confidence obviously bode well for Apple!
In premarket trading, shares of Apple Inc. are currently up $0.82 (+0.42%) to $195.03.
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