President Trump on Thursday said he'd be happy with
economic growth that exceeded 3.7%—meaning he's likely quite pleased. The US economy surged in the April-June quarter, growing at an annual rate of 4.1%. That's the fastest pace since 2014, reports the AP
, driven by consumers who began spending their tax cuts and exporters who sought to get their products delivered ahead of retaliatory tariffs.
The Commerce Department reports that the gross domestic product, the country's total output of goods and services, posted its best showing since a 4.9% gain in the third quarter of 2014. The Wall Street Journal notes the Q2 2017 GDP was 2.8%. Trump predicts growth will accelerate under his economic policies. But private forecasters cautioned that the April-June pace is unsustainable because it stems from temporary factors. The rest of the year is likely to see good, but slower growth of around 3%. Still, the Journal suspects this strong report will keep the Fed on track to raise its benchmark rate to 2% or 2.25% in September. (Read more President Trump stories.)