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U.S. economic growth hits 3% rate in second quarter

U.S. economic growth hits 3% rate in second quarter

It was the strongest quarterly growth for the United States in over two years and was driven by USA families and businesses opening their wallets a little wider.

The nations real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter, according to the "second" estimate released by the Bureau of Economic Analysis on Wednesday.

Quarterly growth, however, can vary widely from the annual average; GDP growth exceeded 3 percent in five quarters since mid-2013, but the overall growth rate each year was ultimately tempered by lax growth in other quarters. The economy grew 2.1% in the first half of 2017 but economists said it was unlikely growth this year would meet Trump's goal.

The economy picked up from a 1.2% rate in the first quarter.

While the consensus view was for a slight upward boost to GDP, some private economists were even more optimistic, forecasting growth would climb to around 3 percent with Wednesday's revised figure.

Wednesday's revision shows that U.S. economy has momentum going into the second half of the year, but Mr Faucher said he did not expect that rate to be sustained over the full year.

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Investment by businesses also improved to growth of 6.9 percent, reflecting higher spending on structures, equipment and intellectual property.

Economists say that the most-recent data suggest the U.S.is on track to maintain a 3%-plus clip in the third quarter. Fallout from Hurricane Harvey may also trim third-quarter growth, though reconstruction is likely to help expansion in the following period. "All of those things weighed on US growth".

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.

That was revised up from the 2.8 percent pace reported in July and accounted for the bulk of the pickup in economic growth in the second quarter. In the first quarter, real GDP increased 1.2 percent.The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month.

Increases in personal consumption expenditures (PCE) and in nonresidential fixed investment were larger than previously estimated.

Consumer spending powered the second-quarter surge, rising a revised 3.3% compared to the government's original estimate of a 1.9% gain.

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