US Economic Growth Positive After Disappointing Winter
US Economic Growth Positive After Disappointing Winter
News Release: Gross Domestic Product - Bureau of Economic Analysis
29 July, 2017, 00:54
Real GDP increased at an annual rate of 2.6% in the second quarter, up from 1.2% in the first three months.
U.S. growth rates have the potential of improving from the anemic rates seen in the Hussein Obama recovery, the weakest in the post-World War II period. "I wouldn't want to emphasize that growth is accelerating based on the second quarter". Investment on nonresidential structures like oil and gas wells likely provided another boost to GDP growth in the second quarter.
Preliminary data from the Department of Commerce showed that while gross domestic product increased substantially, personal income grew at a slower pace than in the first three months.
Imports, which are a subtraction in the calculation of GDP, increased (table 2). For this year, many analysts believe growth will come in around 2.2 percent, essentially where growth has been since the recovery began in mid-2009.
Prices of US government debt rose after the release of the data while the dollar initially fell against a basket of currencies. Average GDP growth during the period through the end of past year is now at 2.2 percent, up from 2.1 percent previously. Consumer spending accounts for 70% of USA economic activity.
The U.S. economy bounced back to decent 2.6 percent growth in the second quarter, offering a modestly positive headline for President Donald Trump after a stinging loss on health care and fresh turmoil inside the West Wing.
The Canadian dollar added to gains against the greenback immediately after the report, while traders increased their bets of another interest rate hike from the Bank of Canada, which earlier this month raised rates for the first time in almost seven years.
The revisions made minor changes to economic history, putting growth at 2.6 percent in 2014, up from 2.4 percent. It was the third straight quarterly increase.
Personal consumption expenditure increased 2.8% for the quarter from an upwardly-revised 1.9% for the first quarter.
But business stockpiling was a slight drag on growth after substantially adding to gains in the first quarter. And it was 1.5 percent in 2016, the only year to see a small reduction from the previous estimate of 1.6 percent.
However, housing construction slowed to a 6.8 percent rate, a after an 11.1 percent surge in the winter due to warmer-than-normal weather.
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