After the sharpest quarterly contraction in three years, the U.S. economy roared back robustly in the second quarter, with gross domestic product rebounding well above expectations—offering President Donald Trump a timely economic victory to celebrate.
The U.S. gross domestic product expanded at a 3% annualized pace in the second quarter, after a 0.5% contraction in the previous quarter, according to advance estimates released Thursday by the Bureau of Economic Analysis.
The outcome surpassed economists expectations of a 2.4% growth, and marked the strongest pace of growth since the third quarter of last year.
“3%, way better than expected!” Trump stated on Truth Social. He then seized the moment to ramp up pressure on Fed Chair Jerome Powell just hours before the Federal Open Market Committee (FOMC) meeting later in the day.
“Too Late must lower the rate. No Inflation! Let people buy, and refinance, their homes!”