Growth was 2.1 percent in the final three months of the year, better than economists expected and a sign the economy is not falling into a recession. Growth was 2.1 percent in the third quarter and 2 percent in the second.
The U.S. economy is largely driven by consumer spending, and American households continued to buy goods and experiences at a rapid pace. Numerous polls and surveys show that consumer confidence is high because Americans believe it is easy to get a job and their incomes are likely to stay the same or improve in the coming months.
Government spending has also increased under Trump, providing a boost to economic growth. The deficit neared $1 trillion in 2019, an unprecedented level during good economic times when there is not a major war effort underway. Trump’s tax cuts and additional funding for the military and domestic programs have pushed the gap wider.
Despite the additional government stimulus, Trump has yet to achieve a year of 3 percent economic growth as he vowed before taking office. Trump has repeatedly blamed the Federal Reserve for the shortfall, but most economists say Trump’s escalating trade war and weak growth abroad were major drag on the economy last year. The ongoing fallout at Boeing after the two 737 Max plane crashes also dampened growth since Boeing is usually the largest U.S. exporter but orders dried up after the tragedies.
https://news.google.com/__i/rss/rd/articles/CBMilgFodHRwczovL3d3dy53YXNoaW5ndG9ucG9zdC5jb20vYnVzaW5lc3MvMjAyMC8wMS8zMC91cy1lY29ub215LWdyZXctMjMtcGVyY2VudC0yMDE5LXNsb3dlc3QtdHJ1bXBzLXByZXNpZGVuY3ktaGVsZC1iYWNrLWJ5LXRyYWRlLWZlYXJzLWdsb2JhbC1zbG93ZG93bi_SAaUBaHR0cHM6Ly93d3cud2FzaGluZ3RvbnBvc3QuY29tL2J1c2luZXNzLzIwMjAvMDEvMzAvdXMtZWNvbm9teS1ncmV3LTIzLXBlcmNlbnQtMjAxOS1zbG93ZXN0LXRydW1wcy1wcmVzaWRlbmN5LWhlbGQtYmFjay1ieS10cmFkZS1mZWFycy1nbG9iYWwtc2xvd2Rvd24vP291dHB1dFR5cGU9YW1w?oc=5
2020-01-30 13:34:00Z
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