US economic growth in the second quarter fell more than initially, suggesting the Trump trade move has had a greater impact on the pace of economic growth, US media reported on Tuesday.
According to data released by the U.S. Department of Commerce on August 29, the annual growth rate of gross domestic product(GDP) adjusted for inflation is 2 %, which is in line with analysts 'predictions. The annual growth rate originally reported was 2.1 %. Consumer spending, which accounts for two-thirds of the economy, grew 4.7 per cent, surpassing all forecasts and the largest increase since 2014.
Strong consumption was offset by weak data on other categories, including exports, inventories, residential investment and national and local government spending, the report said.
According to the report, the report suggests that Mr Trump's 3 per cent annual growth target is likely to be even more out of reach. Bond yields tumbled and economists forecast that growth would weaken in the second half of the year, raising the prospect that record growth could end within the next 12 months.
After that, Mr Trump lashed out at the Fed on Twitter. He wrote: "The U.S. economy is doing well and has great potential for growth." "If the Fed is willing to do what they should do, we are a rocket! "
The economic environment has become more unpredictable since June, the report said. Fed Chairman Jieluomu·baoweier said at a seminar on August 30 that the next few weeks were "very troublesome."
The report concluded that economists forecast growth of less than 2 per cent in the third and fourth quarters.