US GDP Growth Accelerates In Line With Estimates In Q2

US GDP Growth Accelerates In Line With Estimates In Q2

US GDP Growth Accelerates In Line With Estimates In Q2

In a scheduled release the Bureau of Economic Analysis (BEA), the U.S. agency that compiles gross domestic product data, said last quarter's growth rate came in at 1.2%, revised down from 1.2%. Inflation was very weak, at only a 1.0% rate.

The rise in second-quarter GDP was in line with economists' expectations. The rate of growth is more than double the 1.2% GDP rate posted in the first quarter.

The increase reflected increased consumer spending, exports, and increased spending by both the federal government and businesses.

"Investment, which has disappointed over the past couple years, is coming back, and that's an encouraging sign for the future", said Seville.

With little inflationary pressure present, personal income growth slowed to $118.9bn in the second quarter, from $217.6bn in the first.

The U.S. entered the ninth year of economic expansion on a familiar path of steady but unspectacular growth, with few obvious indications it is near exhausting itself.

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The International Monetary Fund (IMF) also said on Thursday that it expected the USA economy to grow at 2.1 percent this year and next, supported by solid consumption growth and a rebound in investment.

The 2.6% growth in Q-2 was the fastest pace since the economy expanded at a 2.8% rate in Q-3 of past year. Output increased 2.6%, which matched's consensus forecast. He has set an ambitious 3% growth target for 2017.

I wouldn't be surprised to see the Canadian economy continue to go from strength to strength. The acceleration in PCE was especially pronounced in sales of durable goods, which popped 6.3% in Q2 after a mild 0.1% decline in Q1.

Companies such as Boeing, Facebook and Shell reported strong quarterly earnings this week.

Defense spending by the federal government had a banner quarter, rising at the fastest pace in six years at 5.2 percent, more than offsetting the drop in non-defense spending which sank 1.9 percent, the biggest loss since 2013. Pledges by the Trump administration to cut taxes and boost infrastructure spending have been pushed back due to conflicts in Congress and the White House.

Earlier this week, the International Monetary Fund revised down its USA growth forecast for this year from 2.3% to 2.1%. And the USA dollar, which rallied after the election, has retreated sharply in recent months.

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