U.S. economy grows at 4.1 percent rate during second quarter
WASHINGTON — The U.S. economy accelerated last quarter at an annual rate of 4.1 percent, the government estimated Friday, as consumers spent tax-cut money, businesses stepped up investment and exporters rushed to ship their goods ahead of retaliatory tariffs.
President Donald Trump said he was thrilled with what he called an “amazing” growth rate — the strongest quarterly figure since 2014 — and said it wasn’t “a one-time shot.” But most economists took issue with that forecast, saying the pace of growth in the April-June quarter won’t likely last in the months ahead.
Forecasters cautioned that the AprilJune pace was due mainly, though not entirely, to temporary factors.
A key factor that bolstered growth was a rush by exporters of soybeans and other products to move their shipments to other countries before retaliatory tariffs in response to Trump’s tariffs on imports took effect.
EPA reverses Pruitt order on diesel engines
WASHINGTON — Environmental Protection Agency acting chief Andrew Wheeler has withdrawn a break that the agency gave makers of higher-pollution diesel trucks on Scott Pruitt’s last day as agency administrator.
The EPA released a Wheeler directive Thursday night reversing one that Pruitt issued on July 6. Wheeler wrote that Pruitt appeared to have overstepped his authority in the July 6 order, which barred the agency from enforcing a cap imposed during the Obama administration on the annual production of higher-polluting tractor-trailers, known as glider trucks.
Pawn shop buys violin for $50, finds out it’s worth $250,000
SOMERVILLE, Mass. — A violin bought by a Massachusetts pawn shop for $50 has ended up being worth about 5,000 times that. WFXT-TV reports a new employee at the LBC Boutique and Loan in Somerville had no idea what he was buying when he paid for the Ferdinando Gagliano violin, which was handcrafted in 1759 and is worth $250,000. Police say the violin was stolen during a house break-in and has since been returned to its rightful owner.