GDP: US Economic Growth in 2Q Revised Higher to Solid 3%
Aug 31, 2017, 01:30
Real GDP represents the value of the production of goods and services in the economy and is adjusted for inflation.
Many economists had been forecasting growth in the current July-September quarter would be around 3%.
It was the strongest quarterly growth for the United States in over two years and was driven by US families and businesses opening their wallets a little wider. The average of real GDP and real GDI, which is a supplemental measure of USA economic activity that equally weights GDP and GDI, gained 3.0% in the 2Q, compared with an increase of 2.0% in the first.
The Trump administration had pledged to return the United States economy to sustained annual growth of 3.0 percent or more by slashing taxes and regulations while boosting trade.
The increase in the estimate was mostly due to personal consumption expenditures and nonresidential fixed investment being larger than previously estimated.
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This was the second of three estimates the government will provide for second quarter growth.
Consumers' increased willingness to spend and higher business investment prompted a sharp upward revision in U.S. gross domestic product (GDP). The most encouraging news was the strong spending by businesses, which has been lacking for much of the recovery but may finally be turning around. Payroll processor ADP said USA employers added a seasonally adjusted 237,000 jobs in August, easily topping the Econoday consensus forecast for 185,000. Corporate pretax earnings rose 7 percent year to year; up 1.3 percent quarter to quarter. A slow first quarter followed by an improved second quarter also occurred in two of the past three years. The revised number was 3.3 percent, versus an initial estimate of 1.9 percent. Of the almost 200 countries whose economies are tracked by the International Monetary Fund, just seven saw real, inflation-adjusted gross domestic product rise by 7 percent or more a year ago.
For the entire year, Mark Zandi, chief economist at Moody's Analytics, is forecasting growth of 2.1 per cent. -6.8%) as did net exports which totaled -$613.4bn (prev.
Real gross domestic income (GDI) growth for the second quarter came in at 2.9%.
Most experts believe the central bank will raise rates just once more this year, but a faster economy or an increase in wages or inflation could prompt policymakers to move more quickly to tighten monetary policy and shrink the balance sheet in 2018.
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