Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

US second-quarter GDP growth revised up, fastest in over two years

The upward revision from the 2.6 percent Pace reported last month reflected robust consumer spending as well as strong business investment.

"The impact on the national economy will be minor," said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh.

Strong growth and a labor market that is near full employment support views the Federal Reserve will announce a plan to start unwinding its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities next month and increase interest rates in December.

The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased at a 0.9 percent rate as previously reported.

Inventory investment had a neutral effect on second-quarter GDP as previously reported after chopping off 1.46 percentage points from output in the first quarter.

READ MORE (Reuters)

  • Fact-checking Trump's claims at his tax reform eventCBS News
  • Strong Revisions Boost GDP Growth to 3 PercentU.S. News & World Report
  • US Economic Growth Revised Up to 3 Percent in Q2NBC New York
  • US Economy Grew 3% in 2nd Quarter, Fastest Pace in 2 YearsNew York Times
  • Trump gets boost as GDP growth is revised upwardPolitico
  • US quarterly economic growth revised higherBBC News
  • US economy grows at 3-per-cent rate for first time in Donald Trump's presidencyToronto Star
  • US GDP Growth Revised Up to 3.0% Pace in Second QuarterFox Business
  • Ahead of the Bell: Economy-GDPLexington Herald Leader

This post first appeared on The 5th News, please read the originial post: here

Share the post

US second-quarter GDP growth revised up, fastest in over two years


Subscribe to The 5th News

Get updates delivered right to your inbox!

Thank you for your subscription