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US growth upgraded to 3 percent in second quarter
[The Hill] The U.S. economy grew at an annualized rate of 3 percent in the second quarter, up from the first estimate of 2.6 percent, according to the Department of Commerce.The second estimate, which incorporates more data, saw strong growth in personal consumption -- which can indicate a general sense of financial security among the population -- and nonresidential fixed investment, which can indicate bullishness on the business side. The growth is the strongest since the first quarter of 2015, when it hit 3.2 percent, but not as high as the 5.2 percent spurt in the third quarter of 2014. The healthy growth figure from the April-June period, which is up from the paltry 1.2 percent real gross domestic product growth seen in the first quarter, could be a boon for President Trump, whose administration has promised a decade of 3 percent growth. The quarter also saw a 0.21 percent increase in net exports, meaning a shrinking trade deficit, another key Trump promise. Trump frequently touts good economic news and accuses the media of failing to cover it. Posted by: Besoeker 2017-08-30 |
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