Real GDP Revised Up to 3.0% Growth in the Second Quarter

US GDP Growth In Q2 Upwardly Revised By More Than Expected

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2017 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis.

U.S. economic growth in the second quarter is now thought to be stronger than previously reported, helped by stronger business investments and consumer spending. Economists had expected that second-quarter GDP growth would be raised to a 2.7% rate.

The revisions bring the pace of first-half growth to 2.1 percent, about equal to the average rate since the last recession ended in 2009.

Trump frequently touts good economic news and accuses the media of failing to cover it. For the first quarter of 2017, the percentage change in real GDI was revised from 2.6% to 2.7%.

Economists are not looking for Hurricane Harvey to make much of an impact on economic growth, believing that a spike in the cost of gasoline and other energy prices will be short-lived as refineries along the Texas Gulf Coast resume operations quickly.

A third estimate of GDP based on more complete data will be released September 28. Much of the strength came from a sharp upward revision in spending on autos, which the government initially estimated as declining in the spring.

For the entire year, Mark Zandi, chief economist at Moody's Analytics, is forecasting growth of 2.1 per cent. 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.

More news: Astros: Tropicana Field will be home away from home
More news: Matthew Stafford Signs Big Deal with Lions
More news: Trump threat to 'terminate' NAFTA sparks intense debate

The Trump administration is targeting tax cuts, deregulation and infrastructure spending to boost growth.

Strong growth and a labor market that is near full employment support views the Federal Reserve will announce a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities next month and increase interest rates in December.

Wednesday's revision shows that U.S. 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. This raises doubts on the sustainability of the robust pace of consumer spending. There will be one more revision to second-quarter GDP.

Real gross domestic income (GDI) growth for the second quarter came in at 2.9%.

The figure was revised up by an unusually-large four tenths from the growth estimate published last month, due to higher consumer spending and business investment than in the initial report.

Consumer spending, biggest part of the economy, grew 3.3 percent (estimated 3 percent), most since second quarter of 2016 and revised from 2.8 percent.

Related:

  • Controversial senior White House aide Gorka 'fired'

    Controversial senior White House aide Gorka 'fired'

    Keep in mind multiple sources, including White House officials, have said that Gorka didn't resign but was in fact pushed out. Speaking to Breitbart's Matt Boyle , Gorka said: "I will be working with Steve, with you, with the Breitbart crew".
    Danny Tarkanian: Senator Corker Was Over The Line

    Danny Tarkanian: Senator Corker Was Over The Line

    President Donald Trump is criticizing a Tennessee Republican who questioned his "competence" and "stability". I know that for a fact. "But I see my job as saying what I think and his job is saying what he thinks".
    Pope laments

    Pope laments "persecutions" of Rohingya Muslims in Myanmar

    The army and Aung San Suu Kyi's civilian government vehemently deny allegations of widespread abuses, including rapes and murders. The crackdown by security forces following the attack has prompted thousands of Rohingyas to flee their homeland for security.
  • Bangladesh Register Historic Test Win Over Australia

    Bangladesh Register Historic Test Win Over Australia

    A similar triumph in next week's second and final Test in Chittagong would result in Australia tumbling to No.6 in the world Test rankings.
    ACLU sues President Trump over transgender military ban

    ACLU sues President Trump over transgender military ban

    Senator John McCain slammed President Donald Trump's order banning banning transgender people from entering the military. Trump cited concerns over "tremendous medical costs and disruption that transgender in the military would entail".
    Tropical Storm Watches issued in anticipation of Tropical Storm Irma

    Tropical Storm Watches issued in anticipation of Tropical Storm Irma

    The National Hurricane Center says there is a moderate chance it could develop into a weak tropical system. A tropical storm WATCH has been issued for parts of the SC/NC coasts, including Myrtle Beach.
  • United States  most likely to say Iran non-compliant with nuke deal

    United States most likely to say Iran non-compliant with nuke deal

    The reasons Ronald Reagan named Iran as a state sponsor of terrorism in 1984 remain fully applicable today, says Bolton. Haley reportedly visited the IAEA's head Yukiya Amano in Vienna last Wednesday.
    Here's Where We Are With the President's Transgender Military Ban

    Here's Where We Are With the President's Transgender Military Ban

    The White House memo also says the defense secretary is to send an implementation plan by February 21, 2018, which is what Mattis is working to do with the study.
    Jacksonville Jaguars vs. Carolina Panthers

    Jacksonville Jaguars vs. Carolina Panthers

    Bortles played in four drives , going 8-13 for 60 yards, with the team producing zero first downs and no points. Over the last three seasons, he has thrown for 11,241 passing yards, 69 touchdowns, and 51 interceptions .
  • US Missile Defense Test Hits and a Miss

    US Missile Defense Test Hits and a Miss

    Sailors aboard the destroyer USS John Paul Jones tracked it with radar and fired an interceptor missile to shoot it down. A Standard Missile-3 Block IIA jointly developed by the US and Japan failed to intercept its target.
    'I am not afraid': Barcelona holds peace march

    'I am not afraid': Barcelona holds peace march

    The five occupants of the Audi A3 then jumped out and went on a stabbing spree, killing a woman before being shot dead by police. King Felipe VI marched alongside Rajoy and representatives of all of Spain's major political parties behind the first ranks.
    Triple Talaq: Justice to Fairer Sex

    Triple Talaq: Justice to Fairer Sex

    The judgement was on the basis of petitions filed by aggrieved women who were victims of injustice. Most Islamic countries do not follow the practice.

Comments

Latest news

Cowboys-Texans preseason game canceled
The Cowboys said ticket buyers can choose to either get a refund or have the money donated to Hurricane Harvey relief. The team, inspired by Houston, hope they can create a diversion for the city as it rebuilds in the months to come.

Six Family Members Found Dead In Missing Van - Houston Police
Residents cross high water on North Braeswood Blvd to escape the flooding from Hurricane Harvey Aug. 28, 2017 in Houston . They still don't know where the van is, whether the current carried it away or if it sank close to where it went in.

Hezbollah leader defends evacuation of IS fighters
State news agency SANA said 10 people were killed and 28 wounded when the vehicles they were traveling in drove over mines. It ended ISIS's presence on the Lebanese border with Syria where the military had been battling ISIS jihadis for years.

First comments from Uber's new CEO
Kalanick's motion as a "facile response" that did "not dispute the overwhelming factual basis for Benchmark 's allegations". The ban was lifted early after the company paid a penalty of 190 million Philippine pesos (£2.88m; $3.72m).

Taylor Swift Real Diamonds Bathtub cost more than $10M
Taylor Swift's mock throne is slithering with snakes - which have been a feature of her social media campaign for Reputation . Taylor Swift's diamond-filled bathtub in new video cost over $10M, jewels were all real!.

Man with only Trump store in America brings merchandise to Missouri
For instance, the administration has not stated publicly what will be the precise scope of Trump's tax reforms. Here's what Trump and corporate CEOs don't want you to know: Corporate tax cuts don't create jobs.

Olympic 5000m finalist David Torrence found dead at 31
They say the 31-year-old Torrence, who represented Peru at the 2016 Summer Olympics, came to Scottsdale a few weeks ago to train. He represented the U.S. for years but last year was cleared to compete for Peru , on the basis of having a Peruvian mother.

US Open 2017: Defending champion Angelique Kerber upset by Naomi Osaka
Angelique Kerber is gone from the US Open , the first defending champion eliminated in the first round in 12 years. A 19-year-old with a Japanese mother and Haitian father, Osaka trains in Florida. 45 in the world, won 6-3, 6-1.

List of smartphones to get the Android Oreo update
There is also an updated list of OEMs and partners that have certified Android devices, check it out here. Other new Android devices that support the OS are expected to begin arriving at the end of this year.

Microsoft has stopped selling the original Xbox One
Last year, Microsoft release the Xbox One S model, with some interior improvements along with a slightly smaller sized console . It's the best of both worlds, thus we think it should do just fine, and will proudly take the original's place on the throne.

NWS issues excessive heat warning as heat wave ramps up
Temperatures are expected to climb even further as the week progresses, with highs of over 100 predicted for some inland areas. Temperatures will continue to climb throughout San Diego County as a heat advisory goes into effect today.

Dog Carrying Bag of Food Is Hurricane Harvey Champ
She said the dog, named Otis, was okay and on his way home after getting out during the storm Friday night. Segovia checked his porch Saturday morning and noticed Otis' bag of dog food was missing.

Palestinian president to hold talks in Ankara
Kushner heard out the Palestinian leader's demands and postponed any responses for the next meeting they have. It has to be workable to both sides.

Rohingya Militants Clash With Security Forces, Killing 71
The military announced the casualties on August 25, saying the attacks took place overnight on police and border outposts. Two others are undergoing treatment at a charity-run hospital in Kutupalong Rohingya camp of Cox's Bazar district.

San Francisco braces for upcoming Patriot Prayer rally
Now they are back for a weekend of provocations on Saturday, August 26 in San Francisco and Sunday, August 27 in Berkeley. Violence broke out in Charlottesville , Virginia on August 12, when white supremacists clashed with counter-protesters.

Other news