Economic growth rebounds

The U.S. economy's second-quarter rebound puts the expansion back on its familiar, steady path more than it heralds anything new and exciting.

Gross domestic product grew at a 1.9 percent annual pace for the first half, below the expansion's 2.2 percent average rate through the end of 2016, Commerce Department figures showed Friday in Washington, D.C.

With a solid labor market keeping household spending in the driver's seat and business investment and trade providing further help, demand looks set to expand around the rate it's pretty much been growing.

The results also indicate President Donald Trump has his work cut out for him in finding ways to perk up the momentum and push growth toward his three percent-plus goal.

'The economy is moving along at a pace that's unexciting but not worrisome,” said Michael Feroli, chief U.S. economist at JPMorgan Chase in New York. 'I wouldn't want to emphasize that growth is accelerating based on the second quarter. The economy is plodding along at a slow and steady pace.”

'If a well-constructed tax reform deal is enacted this year or next, the economy may fire on all cylinders and accelerate closer to President Trump's three percent goal, but for now, we are firmly entrenched at around two and a quarter percent,” Stephen Stanley, chief economist at Amherst Pierpont Securities, said in a note.

That's still above the economy's current sustainable trend, he said.