US GDP Second Quarter Growth Revised Up to 3 Percent

Economy beats expectations with 4.5% growth		Household spending exports drive economy past expectations
	The Canadian Press Thu Aug 31st 2017 7:10amNews

They had been initially estimated to be +2.8 percent.

Trump talked up the latest figures in a speech Wednesday in Springfield, Missouri, laying out his plans for tax reform.

Zandi is forecasting that growth in 2018 will be an even stronger 2.8 percent.

Citing the strengthening economy, the central bank raised its rate in July for the first time in seven years - to 0.75 per cent from 0.5 per cent.

The budget the president released in May projects GDP growth will rise to 3 percent over the next four years and remain at that level for the rest of the decade. Fallout from Hurricane Harvey may also trim third-quarter growth, though reconstruction is likely to help expansion in the following period. Thus, if consumer and business spending hold up for the balance of the year and firms build their inventories at a relatively normal pace, real GDP growth in the second half of the year could accelerate to 3 percent or better.

Published yesterday afternoon United States revised second quarter GDP grew at 1 per cent in the quarter for an annualised rate of 3 per cent, up from an original 2.6 and the first time it's been at 3 in two years.

There are several reasons that his goal is probably far-fetched, namely the country's aging workforce and slower population growth than in the past. The fastest-growing large economy, China's, grew 6.7 percent previous year.

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The figures lifted the Canadian dollar and market bets of a rate increase in the next two months, with one economist bringing his forecast for a hike forward to September.

Janet L. Yellen, the Fed chairwoman, and other policy-makers will also be closely watching data expected Friday morning from the Labor Department on hiring, wages and unemployment in August.

"While we expect that slowdown to worsen over the second half of this year and into next year, the risks around our annual 2017 GDP growth forecast of 2.4% now lie firmly to the upside".

The acceleration in spending suggests that a so-called Trump bump-improved sentiment among consumers and more optimism among business leaders-may be translating into concrete actions, like homeowners buying new appliances and companies investing in new software or equipment.

The economists expect that the hurricane Harvey, which is now hitting Texas and Louisiana, weighs in on the economic growth.

Canadian government bond prices were mostly lower across the yield curve, with the two-year price down 7 Canadian cents to yield 1.275 per cent and the 10-year falling 13 Canadian cents to yield 1.851 per cent. "And while it was once again consumers in the driver's seat, another strong quarter of income growth meant that households were able to increase their savings rate a touch while still keeping their wallets open".

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