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US economic growth hits fastest rate since 2014, Trump rejoices (Lead)
Washington, July 27 (IANS) The US economy grew at a 4.1 per cent rate, the strongest pace in nearly four years during the second quarter, powered by a rebound in consumer spending, exports and firm business investment, the Commerce Department said on Friday.
US President Donald Trump cheered the numbers, holding an impromptu press conference outside the White House to tout the “amazing” growth and said “this is just the beginning”.
Gross Domestic Product (GDP): the value of all goods and services produced across the economy, rose at a seasonally and inflation-adjusted annual rate of 4.1 per cent from April through June. That was a pickup from the first quarter’s revised growth rate of 2.2 per cent, the New York Times reported.
“We’re going to get a lot higher than these numbers and these are great numbers,” Trump said, flanked by his economic team. “We are now on track to hit an average GDP annual growth of over 3 per cent and it could be substantially over 3 per cent,” said the President.
“These numbers are very, very sustainable. This isn’t a one-time shot.”
Economists surveyed by The Wall Street Journal expected a 4.4 per cent growth rate. The second-quarter growth reading was the strongest since the 4.9 per cent annual rate reported for the third quarter of 2014.
Compared to the second quarter a year ago, output grew 2.8 per cent.
Figures showed that consumer spending rose at a rate of 4 per cent in the second quarter, up from the 0.5 per cent rate seen in the previous three months.
Exports grew at the fastest pace since the fourth quarter of 2013, as companies sought to avoid the new tariffs.
The robust report made it highly likely the Federal Reserve will continue gradually raising short-term interest rates to prevent the economy from overheating. Central bank officials had raised rates twice this year and pencilled in two further increases this year and three in 2019, Efe news reported.
The Fed is widely expected to leave its benchmark rate unchanged at its policy meeting next week and then increase it in September by a quarter percentage point to a range between 2 per cent and 2.25 per cent.
Trade played a large role in the second quarter’s bumper growth. Net exports added 1.06 percentage point to the quarter’s 4.1 per cent GDP growth rate, as exports rose strongly.
Earlier this month, the Commerce Department said US soybean exports surged in the second quarter, delivering an outsize boon to economic growth even as China shifted much of its sourcing to Brazil in response to its worsening trade relations with the US.
The export rally likely reflected efforts by buyers to get their soybeans before China’s 25 per cent retaliatory tariffs on US soybeans, which hit in July.
Government expenditures were up at a 2.1 per cent annual rate in the second quarter.
The $1.5 trillion tax cut passed by Congress late in 2017 was part of President Donald Trump’s plan to boost economic growth to the above 3 per cent annual growth rate that marked the robust expansions of the 20th century.
Friday’s report showed the economy boomed in the second quarter of 2018, although many economists and policymakers believe the pace is unlikely to be sustained in the long run, given the ageing of the population and slow productivity growth of recent years.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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