GDP: US Economy Grows at Solid 2.6% in Second Quarter

29 July, 2017, 00:52 | Author: Gladys Mathis
  • US GDP Sets Stage For US Dollar Test Multiple Pairs Approach 200-WMA

US GDP grew by an annualised rate of 2.6 per cent in the second quarter, according to an early estimate by the US Bureau of Economic Analysis (BEA), broadly in line with expectations.

This is the first economic report that captures the first full quarter of GDP growth since Trump became president.

The growth rate for the first quarter was cut to 1.2%, compared with the previous estimate of 1.4%.

Both consumers and businesses helped propel growth in the second quarter. Despite the improvement, the current recovery is still the weakest in more than six decades.

In recent years, the US economy has often started off slowly, improved in the middle of the year, only to sag again toward the end. The value of newly produced but unsold goods slipped by $2.6 billion in a bit of a surprise.

Business spending on equipment rose at a pace of 8.2 percent in the second quarter, the fastest since the third quarter of 2015. "It grew at 5% in the third quarter of 2014 before sputtering out".

"Accordingly, we still expect GDP growth of 2.5%-3.0% over the rest of this year which, along with the declining unemployment rate, should leave the Fed on track to raise interest rates once more before year-end", he added.

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Of note: GDP prints starting in Q3 2016 and through Q1 2017 were all revised lower.

The market's focus was now on second quarter US gross domestic product data due at 1230 GMT.

"The positive economic data keeps rolling in", said John Boyd Jr., principal of The Boyd Co. of Princeton, New Jersey. The U.S. has added 16.6 million new jobs since 2010 to drive the unemployment rate down to a almost 16-year low of 4.4%.

John Engle Jr., president of Illinois-based Almington Capital, also expressed optimism.

Why? Because growth has not been robust.

Growth in exports and federal government spending were partially offset by weaker residential investments and state and local government spending. It's an overall solid result, but it's not hinting at significant change either.

The IMF believed the Trump administration is unlikely to accelerate annual US economic growth to sustained 3 percent from the newly revised 1.5 percent in 2016, "even with an ideal constellation of pro-growth policies".



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