With strong second quarter, US GDP growth up to 3 percent

With strong second quarter, US GDP growth up to 3 percent

With strong second quarter, US GDP growth up to 3 percent

Profits from current production - that is corporate profits adjusted for the value of unsold inventory and capital consumption - increased by $26.8bn in the second quarter. The nonpartisan Congressional Budget Office sees growth averaging 1.9 percent over the next decade, a forecast much closer to estimates made by private economists.

However, the latest figures reflect robust consumer spending and strong business investment, and mean growth for the April-June period was at its strongest since the first quarter of 2015.

Mr Trump has set a 3% growth target for 2017, but the economy started the year well off the pace with growth increasing at a rate of just 1.2% in the first quarter. That's better than the department's initial estimate of 2.6 percent and the 2.8 percent economists surveyed by MarketWatch were predicting for the revision. Most of the upward revision was due to stronger consumption spending, which expanded 3.3 percent from the initial estimate of 2.8 percent.

Outlays of business investment rose at a revised 0.6% clip in the second quarter, up from a prior 0.4% estimate.

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On the downside, residential investment and state and local spending were weaker than in the first three months of the year. But the current devastation in Southeast Texas is expected to impact the third quarter economic growth, with economic activity significantly disrupted in the Houston, Victoria, and Corpus Christi metro areas. Much of the strength came from a sharp upward revision in spending on autos, which the government initially estimated as declining in the spring. The economy will also be boosted by higher spending on the military and infrastructure projects, he said.

Additionally, private payrolls increased by 237,000 in August, largely through gains in the manufacturing and construction industries, CNBC reported on Wednesday. ADP said 178,000 jobs were created in July. This compares with a 1.2% gain in the first quarter of the year.

Spending by governments, which had grown 0.7% in the initial estimate, was revised to a decline at a 0.3% rate. 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.

The growth is "impressive given the lack of policy reforms out of Washington D.C.", said Joseph Brusuelas, chief economist at RSM, a tax and consulting firm.

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