>> The wind clearly behind US economic sails during the first full quarter of economic growth under the Trump administration. The Commerce Department announcing Friday, the US economy forged ahead by a 2.6% annual rate in the April to June period. That's more than double seen just as Trump was heading to the White House in the first quarter.
I'm Conway Gennis in New York. A bump up in consumer and business confidence since the November elections are translating into real economic growth. Consumer spending, especially on big ticket items, responsible for much of the lift in economic growth in the second quarter as was business investment. It's important to note all this happening without any movement on the president's pro-growth agenda of proposed tax cuts and infrastructure spending.
One other thing, all this spending still not leading to an economy that's on the way to overheating. The Feds preferred measure of inflation actually falling below the Central Bank's 2% rate, which suggests two things. The Fed does not have to be aggressive when it comes to raising interest rates.
But the White House does need to get moving if it wants to speed up the economy and get to the 3% growth it's been promising.