Economic Preview: U.S. economy roars into the fast lane, but some scratches are starting to show

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The U.S. economy sped up rapidly in the second quarter, but a trade war threatens to bring growth to a crashing halt.

Seen through the rear-view mirror, the U.S. economy looks like a sedan that just got a car wash and wax job. All shiny looking and new.

Some more spit and polish is likely to come from the latest tally of spending at U.S. retail stores in June. Wall Street pros forecast a healthy 0.5% increase after an even larger gain in May, with sales led by — you guessed it — auto dealers.

Surging sales at retailers is merely part of a broader wave in the economy that’s likely to swell gross domestic product to around 4% growth in the second quarter that runs from April to June.

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