President Trump has been taking a victory lap for the economy growing 3.1 percent in 2018, but the revised data from the Commerce Department show he didn't achieve that.
Donald Trump in the Oval Office at the White House. . By Heather Long Heather Long Economics correspondent Email Bio Follow March 28 at 9:21 AM The U.S. economy grew 2.2 percent in the final quarter of last year, the Commerce Department said Thursday, less than the 2.6 percent the government initially estimated and another sign the economy is slowing.
There are two main ways to calculate GDP growth. The White House method is to calculate the change from the fourth quarter of 2017 to the fourth quarter of 2018, which is preferred by many economists, including the Federal Reserve. The Commerce Department reported Friday that measure of growth was revised down to 3 percent.
[Trump won’t get sustained ‘boom’ without an infrastructure bill and more tax cuts, new White House report shows] Trump has been pointing to the 3 percent measure and claiming it is the “best in 14 years.” He says that because it is the best fourth quarter to fourth quarter change in that time frame, but growth also hit 3 percent several times under President Obama, including during the first quarter of 2015, when it grew 3.8 percent.
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