US economic growth slowed slightly to 1.9 percent in the the July-September quarter of 2019, the Commerce Department's Bureau of Economic Analysis (BEA) said on WednesdayWASHINGTON (Pakistan Point News / Sputnik - 30th October, 2019) US economic growth slowed slightly to 1.9 percent in the the July-September quarter of 2019, the Commerce Department's Bureau of Economic Analysis (BEA) said on Wednesday.
"Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the third quarter of 2019 (table 1), according to the 'advance' estimate released by the Bureau of Economic Analysis," a press release said. "In the second quarter, real GDP increased 2.0 percent."
Growth rates for two consecutive quarters fell well below the 3 percent target set by President Donald Trump, who claims to have made even higher growth rates possible by scuttling costly regulations on businesses that were imposed during the Obama administration.
Many economists claim that tit-for-tat tariffs in an ongoing trade war have not only slowed global growth, but also have begun to undermine US growth - a viewpoint rejected by the president.
Trump earlier on Wednesday ahead of the BEA announcement said that the US was experiencing the "Greatest Economy" in its history.