President Trump Touts 'Great Numbers' In GDP Report
WASHINGTON (CBSNewYork) -- President Donald Trump touted the economy's 4.1 percent growth in the second quarter of 2018, the best since 2014.
Speaking Friday from the South Lawn of the White House, the president said "we're on track to hit the highest annual average growth rate in 13 years."
"I will say this right now and I will say it strongly, as the trade deals come in one by one, we are going to go a lot higher than these numbers and these are great numbers," he said.
The president said he's confident next quarter's numbers will be even higher.
"We are now on track to hit an average GDP annual growth of over 3 percent and it could be substantially over 3 percent," he said. "Each point, by the way, means approximately $3 trillion and 10 million jobs."
And Trump says as new trade deals com in, he expects the growth to soar even higher. He also touted record-low unemployment numbers among minorities and fewer Americans on food stamps.
"We've added 3.7 million jobs since the election," he said. "A number that is unthinkable if you go back to the campaign."
The president also said that "once again, we are the economic envy of the entire world" saying that when he meets leaders of other countries, "the first thing they say invariably is, 'Mr. President, so nice to meet you. Congratulations on your economy. You're leading the entire world.'"
"They say it almost each and every time," he said.
Financial expert Bob Fuest agrees with the president's assessment that this spike is no fluke.
"People are happy. People in general feel a little bit wealthier," he said. "A lot of economists think it is a one off and it will slow. I think it's more like a riptide current and I think it'll hold for a little bit, at least two or three more quarters."
And Fuest says New Yorkers are already feeling the impact.
"I see a lot of retailers doing really well, as evidenced in the stock market, restaurants, higher spending, wage increases, and that's all going to effect New Yorkers directly," he said.
About 25 percent of this quarter's growth is due to exports, with overseas companies buying up U.S. products before new tariffs set in.
