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US economic growth upgraded to 3 percent rate in Q2

The gross domestic product, the broadest measure of Economic health, grew at an annual rate of 3 percent in the April-June quarter, the Commerce Department reported Wednesday.

Paul Ashworth, chief U.S. economist at Capital Economics, said he believed that the strength in consumer spending should result in an "even stronger hand-off" for growth going into the current quarter.

Even with the upward revision, the weak start to the year means that growth over the past six months has averaged 2.1 percent, the same modest pace seen for the recovery that began in mid-2009.

During last year's presidential campaign, Donald Trump attacked the Obama administration's economic record, pledging to double GDP growth to 4 percent or better.

The nonpartisan Congressional Budget Office sees growth averaging 1.9 percent over the next decade, a forecast much closer to estimates made by private economists.

READ MORE (Chicago Tribune)

  • US Second-Quarter Growth Revised to 3% in Momentum BoostBloomberg
  • US second-quarter GDP revised up, fastest in over two yearsReuters
  • Strong Revisions Boost GDP Growth to 3 PercentU.S. News & World Report
  • US quarterly economic growth revised higherBBC News
  • US economy has strongest quarter since 2015Financial Times
  • US Economy Grew 3% in 2nd Quarter, Fastest Pace in 2 YearsNew York Times
  • Trump gets boost as GDP growth is revised upwardPolitico
  • US GDP Growth Revised Up to 3% --
  • Ahead of the Bell:

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US economic growth upgraded to 3 percent rate in Q2


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