The U.S. economy expanded at a strong 3.2 percent annualized rate in the first quarter of 2019, the government reported Friday, blowing past expectations and prompting celebration among President Trump and his advisers.
Better-than-expected growth, ongoing strength in the job market, and a new all-time high in the stock market this week are tamping down fears of a recession and inviting comparisons of the current economy to the record 1990s boom.
Trump has tied the success of his presidency to jobs and the performance of the stock market, which can oscillate widely but is currently on the upswing, with the Standard & Poor’s 500-stock index closing the week at a new high.
“We’re knocking it out of the park,” Trump said Friday before a speech at a National Rifle Association convention in Indianapolis. “We have great growth and also very, very low inflation. Our economy is doing great.”
