Trump touts 3 percent economic growth, takes shot at Obama

President Trump touted new data Wednesday showing that the economy grew at an annualized rate of 3 percent in the second quarter of 2017, while attempting to take a shot at his predecessor, Barack ObamaBarack Hussein ObamaMontana governor raises profile ahead of potential 2020 bid Trump was right to ditch UN’s plan for handling migrants Ex-White House stenographer: Trump is ‘lying to the American people’ MORE.
 
“We just announced that we hit 3 percent in [gross domestic product]. It just came out. And on a yearly basis, as you know, the last administration during an eight-year period never hit 3 percent, so we're really on our way,” Trump said during a speech on tax reform in Springfield, Mo.
 
The Commerce Department earlier Wednesday updated its estimate for second-quarter growth from 2.6 percent to 3 percent.
 
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Under Obama, the economy hit or surpassed 3 percent growth during numerous quarters, but never sustained that level of growth for a full year. During the third quarter of 2014, for example, the economy grew at an annualized rate of 5.2 percent.
 
The news of 3 percent growth in the second quarter this year followed a meager first quarter, where the economy only grew at an annualized rate of 1.2 percent.
 
The economy would have to grow at an annualized rate of 3.9 percent for the final two quarters of the year to balance out the crawl of the first quarter and hit the 3 percent target for the full year.
 
Economists have cast a wide net of doubt over Trump’s predictions that the economy will reach and sustain 3 percent growth over the course of the coming decade.
 
Still, the healthy growth figure in the second quarter was the strongest since the first quarter of 2015, when the economy grew at an annualized rate of 3.2 percent.