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Second-quarter US GDP Speeds Up To 2

29 July 2017, 12:56 | Melanie Burgess

Second-quarter US GDP Speeds Up To 2

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A worker places maple lumber panels used to manufacture bowling pins into machinery at the QubicaAMF Bowling Worldwide facility in Lowville, New York, on March 30, 2017.

Specifically, final sales to private domestic purchasers q/q rose 2.7% in 2Q after rising 3.1% prior quarter.

The Commerce Department said the USA economy grew at a healthy 2.6% annualized pace in the second quarter, matching the gross domestic product (GDP) forecast.

Imports, which are a subtraction in the calculation of GDP, increased (table 2).

The outcome for the second quarter and the downwardly-revised growth in the first quarter, put growth in the first half of 2017 at 1.9 percent, above the 1.5 percent recorded previous year and close to the economy's long-term trend growth rate of two percent.

Businesses increased fixed investment just 2.2% in the spring, however, after a 8.1% gain in the first quarter, when enthusiasm for the new pro-business Trump administration may have triggered a jump in corporate spending. He acknowledged the contribution of consumer spending but observed, "Business spending has also increased 5.2%".

"Investment, which has disappointed over the past couple years, is coming back, and that's an encouraging sign for the future", said Seville. That's more than 2X the revised 1.2% pace in Q-1.

The U.S. entered the ninth year of economic expansion on a familiar path of steady but unspectacular growth, with few obvious indications it is near exhausting itself.

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The economy grew 1.9 percent in the first half of 2017, making it unlikely that GDP would top 2.5 percent for the full year. "For consumers to continue to lead the economy we need wage growth to accelerate".

"The economy is moving along at a pace that's unexciting but not worrisome", said Michael Feroli, chief USA economist at JPMorgan Chase in NY.

"There appears to be no holding back the Canadian economy, at least for now", TD Bank senior economist Brian DePratto wrote in a client note.

"This is only going to strengthen the case for them", he said of the central bank.

The Q2 employment cost index fell from 0.8% to 0.5%.

Companies such as Boeing, Facebook and Shell reported strong quarterly earnings this week. The economy grew 3.5 percent in the third quarter of 2016 before slowing down.

The Canadian dollar, which has been gaining ground since the middle of last month when speculation of a central bank rate hike started, was trading at 80.52 cents USA, up from an average price of 79.87 cents United States on Thursday.

There was, however, little inflation in the economy in the second quarter and wage growth decelerated despite a tightening labor market. "As more lawmakers around the country are recalibrating their incentive packages in response to the retail sector, I expect builders to increasingly look to repurposing vacant retail - often located in valuable locations with high access and parking - in their building plans over the next 18 months".



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