Sonia Gandhi likely to be chief patron of Congress
Get Hulu For Free With New Sprint Unlimited Plan
Walmart's early Black Friday 2017 sale is live right now
Ford F-150, 2017 Ford Super Duty: Recall Alert
Spurs, Aldridge agree to 3-year, $72M extension
USA economy growing at fastest pace since 2015
31 August 2017, 01:18 | Maryann Sutton
Globe and Mail Update
Real GDP increased by an annualized 3.0% in the second quarter of 2017 according to the second BEA estimate (previously reported as a 2.6% gain). In the advance estimate, the increase in real GDP was 2.6 percent.
"The consumer is in the driver's seat in terms of economic growth", said Scott Anderson, chief economist at Bank of the West in San Francisco. The economy grew 2.2 percent in the second quarter from one year earlier.
President Donald Trump has repeatedly cited as his goal raising U.S. economic growth at an annual rate of 3 percent after eight years in which former President Barack Obama could not reach this benchmark in any quarter.
The budget the president released in May projects GDP growth will rise to 3 per cent over the next four years and remain at that level for the rest of the decade.
The Commerce Department issues its second look at the performance of the overall economy for the April-June quarter.
The more robust second-quarter GDP reading reflected stronger consumer spending and business investment, partly offset by a steeper pullback in government spending.
Many economists had been forecasting growth in the current July-September quarter would be around 3 per cent. Economists saw a limited impact on growth from Hurricane Harvey, which devastated parts of Texas. Volatility has returned, geopolitical tension is rising, and the devastation of Harvey has many observers questioning what's in store for the future, particularly as the US dollar declines.
Personal consumption expenditures rose by 2.8 percent in the second quarter, accelerating from the 1.9 percent pace seen in the first quarter on an increased willingness to purchase goods.
The Trump administration has pledged to return the world's largest economy to sustained annual growth of three percent or more by slashing taxes and regulations while boosting trade.
The strength of consumer and business spending is expected to continue into the third quarter.
Likewise, the contribution from nonresidential fixed investment improved from 0.64 to 0.85 percentage points to real GDP growth for the quarter.
Strong growth and a labour market that is close to full employment would support the view that the US Federal Reserve will start unwinding its $4.2tn quantitative easing programme next month and hike interest rates again in December.
Residential investment fell by 6.5 percent, pulling back from really strong gains in both of the prior releases.
Government spending contracted for a second straight quarter, weighed down by decreasing state and local government investment.
Google and Walmart team up against Amazon
An estimated 55 percent of Americans begin their online shopping trips on Amazon , according to a survey conducted a year ago . Now where have we seen that tech before? Meanwhile, Walmart will be offering the largest number of items through the platform.
Aamir Khan Shares "Main Kaun Hoon" from Secret Superstar
Before she begins recording, she tries to disclose her name but hesitates and says, " Main aapko apna naam nahi bata sakti ". The film shows the struggle of a young rising singing star (a character played by Zaira Wasim ) to become a famous singer.
Risky heat hangs over Orange County
San Diego County offers a number of "cool zones" for older residents and others to escape the heat during the summer months. Inland areas near and around Contra Costa County and near the Southern Salinas Valley may see thermometers break 112.
Total Buys Maersk Oil: Global Energy Growth With M&A
Total is also taking over short-term debt valued at Dollars 2.5 billion and closure obligations worth USD 2.9 billion. Total said the acquisition would bolster its positions in the Gulf of Mexico, Algeria, Kenya and Kazakhstan.
Cowboys-Texans game canceled in Harvey's aftermath
I've seen numerous heroic acts, everything we've seen on the TV from the first responders to just neighbors helping neighbors. At this time it is not clear what would happen to those who had already purchased the tickets prior to the cancellation.
Recycling your solar eclipse glasses
Since the organization strives to bring astronomy-based education to schools, this is pretty much the flawless project for them. For one , there's another total solar eclipse coming to the US on April 8, 2024 , so if nothing else, you could just keep them.
Texas Rangers Refusing To Switch Series With Houston Astros
But that would have left Rangers' ticket holders for those games barely 24 hours to make arrangements to attend games this week. The Wednesday game will have a national ESPN audience, bringing more attention to the bad tragedy still unfolding in Houston.