United States economic growth revised up to 3 per cent in Q2

Posted August 31, 2017

Real GDP of the USA rose at an annualized rate of 3 percent in the second quarter, according to the second BEA estimate.

On the stump for an overhaul of the nation's tax system, President Donald Trump on Wednesday said that cutting taxes would "bring back Main Street" and spur the US economy to a level of growth not seen since the Great Recession.

The revised GDP figures come ahead of closely-watched official jobs statistics for August, due for release on Friday.

Last quarter's rise was the slowest in more than two years and followed a 1.8 percent rate of increase in the first quarter.

Trump frequently touts good economic news and accuses the media of failing to cover it.

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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.

Wednesday's revision shows that USA economy has momentum going into the second half of the year, but Mr Faucher said he did not expect that rate to be sustained over the full year.

The Bureau of Economic Analysis (BEA) said consumers spent more than previously estimated on items such as housing and utilities, while businesses invested in categories such as equipment and intellectual property.

The Trump administration had pledged to return the U.S. economy to sustained annual growth of 3.0 percent or more by slashing taxes and regulations while boosting trade. Volatility has returned, geopolitical tension is rising, and the devastation of Harvey has many observers questioning what's in store for the future, particularly as the USA dollar declines.

The strength of consumer and business spending is expected to continue into the third quarter.

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That was revised up from the 2.8 percent pace reported in July and accounted for the bulk of the pickup in economic growth in the second quarter. For the year a whole, I am now predicting real GDP growth of 2.2 percent, with 2.8 percent growth for the current third quarter.

Nonetheless, the faster expansion rate in the second quarter could relieve the pressure on the Federal Reserve, which has been divided over the course of monetary policy in recent months.

Growth in the United States expanded in the second quarter at a greater pace than previously estimated, as personal consumption and non-residential investment increased by more than forecast in the flash estimate.

Residential investment fell by 6.5 percent, pulling back from really strong gains in both of the prior releases.

Despite the acceleration in consumer spending, inflation remained benign in the second quarter.

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