(CNBC) Armed with new-found proceeds from the tax bill, American consumers went shopping in May, driving retail sales — and economic growth — sharply higher.
The economy in the second quarter is tracking close to 4 percent growth — a level President Donald Trump raved about last December, just before the tax bill was approved. At the same time, he had also told reporters he was holding out for a doubling of growth to 6 percent.
For now, his 4 percent forecast is close to coming true on a quarterly basis, after strong retail sales data pushed up tracking GDP growth for the second quarter to about double the first quarter’s level. The economy grew by 2.2 percent in the first quarter.