Jul 27, 2018

Boom: U.S. economy has best quarter since 2014

Data: Bureau of Economic Analysis; Chart: Chris Canipe/Axios

The U.S. economy grew 4.1% in the second quarter, the fastest growth since 2014. Economists surveyed by Bloomberg were expecting 4.2% growth.

Bottom line: The economy is booming (U.S. GDP growth last topped 4% in 2014), but growth is expected to slow later this year, Bloomberg reports, as benefits from the tax cuts fade and the Fed again raises interest rates.

The Wall Street Journal:

Trade played a large role in the second quarter’s bumper growth. Net exports added 1.06 percentage point to the quarter’s 4.1% GDP growth rate, as exports rose strongly.

Pantheon Macroeconomics Chief Economist Ian Shepherdson:

Societe General economist Omair Sharif to Bloomberg:

I wouldn’t want to overstate the underlying strength in GDP growth based on Friday’s numbers... There was a big boost from trade, but that’ll go away.

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House passes bill to make lynching a federal hate crime

Photo: Aaron P. Bauer-Griffin/GC Images via Getty Images

The House voted 410-4 on Wednesday to pass legislation to designate lynching as a federal hate crime.

Why it matters: Congress has tried and failed for over 100 years to pass measures to make lynching a federal crime.

This year's census may be the toughest count yet

Illustration: Eniola Odetunde/Axios

Community leaders are concerned that historically hard-to-count residents will be even harder to count in this year's census, thanks to technological hurdles and increased distrust in government.

Why it matters: The census — which will count more than 330 million people this year — determines how $1.5 trillion in federal funding gets allocated across state and local governments. Inaccurate counts mean that communities don't get their fair share of those dollars.

Live updates: Coronavirus spreads to Latin America

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Brazil confirmed the first novel coronavirus case in Latin America Wednesday — a 61-year-old that tested positive after returning from a visit to northern Italy, the epicenter of Europe's outbreak.

The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others. By Wednesday morning, South Korea had the most cases outside China, with 1,261 infections. Europe's biggest outbreak is in Italy, where 374 cases have been confirmed.

Go deeperArrowUpdated 3 hours ago - Health