US Second-Quarter GDP Revised Up To 3.1% Growth


The Commerce Department said it grew at a 3.1% annual rate over the three months to the end of June, up from a previous estimate of 3%, which was itself revised up from an initial 2.6%.

Economists are looking ahead to the first estimate of third-quarter GDP, to be released on October 27, for any impact of the Hurricanes that recently slammed the south-east coast of the United States mainland.

Additional weakness was anticipated for September after Hurricane Irma made landfall in Florida.

With the GDP accelerating during the second quarter, the USA economy expanded 2.1% during the first six months of 2017, but economists believe this year's growth will not breach the ambitious target send by President Donald Trump of 3%. All things considered, market analysts trust development this year won't break President Donald Trump's aggressive 3.0 percent target.

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However, few details were given with the plan about how the cuts in taxes would be paid for without an increase of the budget deficit and the country's national debt.

The US economy is now growing at the fastest rate in two years.

Development in shopper spending, which makes up more than 66% of the USA economy, was unrevised at a 3.3 percent rate in the second quarter as an expansion in spending on administrations was balanced by a descending correction to solid merchandise expenses. Nonresidential fixed investment-a measure of business spending on equipment, software and commercial space-grew at a 6.7% rate in the spring, slightly lower than previously thought but marking the second consecutive quarter of solid growth.

Private inventories added 0.12 percentage point to the second-quarter growth, revised up from 0.02 percentage point previously estimated, according to the Commerce Department.