Updated at 10:59 a.m. ET
U.S. economic growth fell to a 2.1% annual rate in the second quarter — down from a 3.1% pace in the first three months of 2019, the Commerce Department said. But growth came in slightly stronger than many analysts had expected.
President Trump has targeted a growth rate of 3% or above, citing the Republican tax cuts passed in 2017. But some studies have found that the tax cuts passed have done little to boost growth, in part because most of the benefit went to wealthy people and corporations.
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