WASHINGTON–Real gross domestic product (GDP) increased at an annual rate of 2.1% during the second quarter, according to data released by the Department of Commerce’s Bureau of Economic Analysis (BEA).
In the second quarter, consumer spending remained the driver, surging to a 4.3% annual rate, as spending on goods rose at the fastest rate since the first quarter of 2006, the BEA said.
“The Trump economy is growing strong and, on the heels of 3.1% growth in the first quarter, is poised to continue expanding,” said Secretary of Commerce Wilbur Ross in a statement. “President Trump’s ambitious agenda of deregulation, tax reform, and job creation is making the U.S. the premier place for business, and is restoring our position as an economic leader on the world stage.”
The new numbers follow data showing the U.S. added 224,000 jobs in June and has averaged 129,000 jobs per quarter over the past year.
June data also show nominal average hourly earnings rose by 3.1% over the previous 12 months.