MAGAnomics

The Bureau of Economic Analysis (BEA) has released the second quarter estimate in GDP growth at 4.1%, the highest rate of growth since 2014.  Here’s the non-spin review along with an embed copy of the actual report [full pdf below] to include all tables:

Gross domestic product (GDP) is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment; the net result of exports of goods and services, and government consumption expenditures and gross investment.

Along with the first estimate of Q2 GDP Growth at 4.1% (exceptionally strong), the BEA increased the Q1 growth rate to 2.2% (previously 2%).

Growth in U.S. exported goods was massive at 13.3% [Table 1, line 17] That is HUGE.
Growth in U.S. imported goods was very small at 1.0% [Table 1, Line 20] That is great.

The combination of massive increases in exports, and minimal growth in imports, led to a net increase in overall GDP from exports of 1.06%. [Table 2, line 45] Let that sink in.

WE DID NOT DEDUCT from GDP growth due to the net result of imports/exports. We actually exported more goods than we imported.

Additionally, financial media are trying to downplay the exceptional results by saying business bought material in advance of tariffs. This is FALSE. This is not even remotely true.

Net domestic inventories DROPPED by $6 billion. [Page 22, Table 3a, Line 40] There was no inventory buildup. Exactly the opposite is true. Inventories are lower/depleted…. this means future growth is forecast; ie. replenishment needed.

Current-dollar GDP increased 7.4 percent, or $361.5 billion, in the second quarter to a level of $20.4 trillion. In the first quarter, current-dollar GDP increased 4.3 percent, or $209.2 billion (table 1 and table 3A).

This means our overall U.S. economy is now EXCEEDING $20 TRILLION !!

Cue the Magic Wand !!

https://www.scribd.com/embeds/384838487/content?start_page=1&view_mode=&access_key=key-IFpIQXUY4qnUPax9zamN

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A U.S. military transport plane flies to an airfield in North Korea’s northeastern city of Wonsan to bring the remains to Osan air base in South Korea. Soldiers in dress uniforms with white gloves were seen slowly carry 55 small cases covered with the blue-and-white United Nations insignia, placing them one by one into silver vans waiting on the tarmac in Osan:

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[White House] At their historic meeting in Singapore, President Donald J. Trump and Chairman Kim Jong Un took a bold first step to achieve the complete denuclearization of the Korean Peninsula, transform relations between the United States and North Korea, and establish enduring peace. Today, the Chairman is fulfilling part of the commitment he made to the President to return our fallen American service members. We are encouraged by North Koreas actions and the momentum for positive change.

A U.S. Air Force C-17 aircraft containing remains of fallen service members has departed Wonsan, North Korea. It is accompanied by service members from United Nations Command Korea and technical experts from the Defense POW/MIA Accounting Agency. The C-17 is transferring the remains to Osan Air Base, where a formal repatriation ceremony will be held on August 1.

The United States owes a profound debt of gratitude to those American service members who gave their lives in service to their country and we are working diligently to bring them home. It is a solemn obligation of the United States Government to ensure that the remains are handled with dignity and properly accounted for so their families receive them in an honorable manner.

Todays actions represent a significant first step to recommence the repatriation of remains from North Korea and to resume field operations in North Korea to search for the estimated 5,300 Americans who have not yet returned home.  (WH Link)