Final reading on Q2 GDP up 3.1%, vs 3% rise expected
Final reading on Q2 GDP up 3.1%, vs 3% rise expected
28 September, 2017, 23:28
The increase in real GDP in the second quarter mostly reflected positive contributions from personal consumption expenditure, non-residential fixed investment, exports, federal government spending and private inventory, partially offset by negative contributions from residential fixed investment and state and local government spending.
The U.S. economy grew a bit faster than previously estimated in the second quarter, recording its quickest pace in more than two years, but the momentum probably slowed in the third quarter as Hurricanes Harvey and Irma temporarily curbed activity.
Harvey, which hit Texas, was blamed for a large amount of the drop in industrial production, retail sales, home sales and homebuilding for August.
Rebuilding is, however, expected to boost growth in the fourth quarter and in early 2018.
The US unemployment rate has been at or near a 16-year low of 4.3% since April, down from 4.9% a year ago and an October 2009 peak of 10%.
While the Trump administration has vowed to accelerate annual USA economic growth to over 3 percent, many economists expect the US economy to continue growing at around 2 percent this year.
Trump waives restrictions on shipping aid to Puerto Rico That limits the number of available boats, even in unusual, extreme situations such as what Puerto Rico is experiencing now. Decades ago, the United States , afraid of German U-boats attacks, passed the Merchant Marine Act of 1920 .
The government's first estimate of GDP for the July-September period is due October 27.
In any case, the arrangement gave few subtle elements on how the tax reductions would be paid for without expanding the spending deficiency and national obligation.
With this third estimate for the second quarter, private inventory investment increased more than previously estimated, but the general picture of economic growth remains the same.
Stock speculation included a little more than one-tenth of a rate point to GDP development in the second quarter.
Growth in business spending on equipment was unchanged at a rate of 8.8 percent, the fastest pace in almost two years.
Lodging was a marginally greater delay development in the last quarter than beforehand revealed, subtracting 0.3 rate point from yield.
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