US revised second-quarter GDP up 3.0% vs 2.7% rise expected

[Calista241]

Source: CNBC

The U.S. economy grew faster than initially thought in the second quarter, notching its quickest pace in more than two years, and there are signs that the momentum was sustained at the start of the third quarter.

Gross domestic product increased at a 3.0 percent annual rate in the April-June period, the Commerce Department said in its second estimate on Wednesday. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment.

Growth last quarter was the strongest since the first quarter of 2015 and followed a 1.2 percent pace in the January-March period. Economists had expected that second-quarter GDP growth would be raised to a 2.7 percent rate.

Retail sales and business spending data so far suggest the economy maintained its stamina early in the third quarter. Other data on Wednesday showed private employers ramped up hiring in August, adding 237,000 jobs to their payrolls. That was up from 201,000 jobs in July.

Read more: https://www.cnbc.com/2017/08/30/us-revised-second-quarter-gdp.html

[JaneQPublic]

1. Thanks, Obama! (nt)

[sandensea]

3. Exactly. We're still coasting on the prosperity he left behind.

Even sharp policy u-turns with a new administration don't normally make themselves evident in terms of GDP numbers until the third or fourth quarter - and the Squatter-in-Chief hasn't even done squat.

[yallerdawg]

2. Didn't Liar-in-Chief Trump say not to trust government figures?

After declaring these figures were manipulated, why would he not do it?

Our Federal government has lost all credibility. They cabinet departments are headed by liars, clerks, sycophants and salespersons.

Republican President Donald Trump has set an ambitious 3.0 percent growth target for 2017, to be achieved through a mix of tax cuts, deregulation and infrastructure spending.

The Trump administration has so far failed to pass any economic legislation and is yet to articulate plans for tax reform and infrastructure. Chances are slim that the Republican-controlled U.S. Congress will debate and pass tax reform legislation before the end of the year.