President Donald Trump and many of his supporters celebrated last week when second-quarter gross domestic product numbers were revised upward to 3.8%, well above the 3% that pro-Trump economists celebrated as “absolutely blockbuster.”
Economic growth of nearly 4% is welcome, as are the tax cuts and deregulation that helped spur it. But the White House shouldn’t pop the champagne just yet. New economic data show clouds may be forming on the horizon.
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The first figures come from the Organization for Economic Cooperation and Development, which estimates weak overall year-over-year growth for the U.S. econo