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.

Gov. Cuomo announces MTA adopt-a-station partnership
Cuomo said that the state contributes $8.3 billion to the MTA capital plan, while the city commits $2.5 billion. Andrew Cuomo than Mayor Bill de Blasio for the meltdown of the subways, a new poll released on Thursday shows.


Microsoft to reward up to $250000 bounty to bug finders
Interested users can find out more information on the official page and read over the rules of the Windows Bounty Program . The Mitigation Bypass and Bounty program's highest reward of $200,000, but there you can exclusively target Windows 10.


MTV makes its Video Music Awards completely gender-neutral
Also picking up nominations at the VMAs were Ariana Grande and Nicki Minaj for " Best Choreography " for their hit Side To Side . However, she was snubbed in the Video Of The Year and Artist Of The Year categories, while The Weeknd was shortlisted for both.


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".

Recommended:



Popular

President Trump addresses law enforcement officials about MS-13
President Donald Trump speaks to law enforcement officials on the street gang MS-13, Friday, July 28, 2017, in Brentwood, N.Y. Trump wants more immigration judges to deal with the backlog of cases, the senior administration official said.

NSA Doval, top Chinese diplomat meet in Beijing, discuss 'major problems'
India has been providing security to this territory, supposedly on behalf of Bhutan, triggering the escalation of tensions. China still maintains that there won't be any meaningful dialogue unless Indian troops "withdraw unconditionally".

Court orders Baby Charlie Gard to be moved to hospice to die
Francis said Charlie's mother and father now accept that the only options for their son "are the hospital or the hospice ". Earlier this week Charlie's parents ended their legal fight to take him to the United States for experimental treatment .

WhatsApp: Now one billion people send 55 billion messages per day
WhatsApp has over 200 million users in India, and given the popularity of the app, it will likely continue to grow in the market. Mark Zuckerberg also announced that 250 million use Whatsapp Status every day , which, to be honest, is a bit of a surprise.

Trump's transgender ban: A look at both sides
President Donald Trump took to Twitter Wednesday morning declaring a ban on transgender people from serving in the military. Trump said his administration would not allow transgenders to serve in any capacity in the United States armed forces.

Roomba Is Mapping Your House to Make IoT Gadgets Smarter
The aforementioned "big three" would also likely be interested in maps of users homes to support product recommendations for customers.

Manchester City spree continues with Mendy arrival
For such a young player, he has a wealth of top-level experience, ' City's director of football Txiki Begiristain said. Club of the English Premier League " Manchester city " announced the transition defender "Monaco" Benjamin Mendy .

Draymond Green Faces Civil Lawsuit For Allegedly Assaulting An Ex-Football Player
Green does not seem too anxious about the lawsuit, however, telling ESPN that he is confident things will be resolved soon. Green reached a plea deal in that case and avoided jail time just in time to participate in the Rio Olympics last summer.

Charlie Gard's Parents Back In Court
When asked about the possibility of moving Charlie to a hospice he told the judge that was "the next best option" for the family. Here, as throughout the case, there remain two aspects to be balanced: Charlie's best interests and his parents' needs.

Saudi-led bloc unveils new Qatar 'terrorist' list
The four Arab nations closed their borders to the Qatari people and are deporting Qatari citizens from their countries. He added that both sides know that their interests in Qatar can not conflict.