An auto carrier driver unloads a new Ram pickup truck in Gaithersburg Maryland
31 August, 2017, 01:10
USA economic growth in the second quarter was stronger than originally reported, reaching President Donald Trump's target amid robust consumer spending and business investment.
The second quarter growth in 2017 of 3 percent, which includes performance from April, May, and July, more than double the 1.2 percent growth seen in the first quarter of 2017.
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.
Trump frequently touts good economic news and accuses the media of failing to cover it.
The revision lifted the annual GDP growth rate from the earlier 2.6% estimate, with growth accelerating from a slow start to the year. Fallout from Hurricane Harvey may also trim third-quarter growth, though reconstruction is likely to help expansion in the following period.
The bureau will release its third estimate for the second quarter of 2017 on September 28.
The more robust second-quarter GDP reading reflected stronger consumer spending and business investment, partly offset by a steeper pullback in government spending.
"The ADP overshoot in August compared to our payroll model suggests we should move our forecast for Friday up to about 220K from 200K", said Ian Shepherdson, Chief economist at Pantheon Macroeconomics. But net exports are expected to weigh more the growth, with refined product exports hard hit given the outages of Gulf Coast refineries and ports shuttered.
The Bureau of Economic Analysis (BEA) said consumers spent more than previously estimated on items such as housing and utilities, while businesses invested in categories such as equipment and intellectual property.
The GDP and PCE price deflators were slightly changed, rising 1 percent and 0.9 percent annualized in the second quarter.
The Trump administration is targeting tax cuts, deregulation and infrastructure spending to boost growth.
This was the second of three estimates the government will provide for second-quarter growth.
Spending was revised to 3.3% from 2.8%, and consumers account for two-thirds of GDP.
The increase in the estimate was mostly due to personal consumption expenditures and nonresidential fixed investment being larger than previously estimated.
Residential investment fell by 6.5 percent, pulling back from really strong gains in both of the prior releases. Still, the weak inflation figures remain a constraint at this point.
Some 15,000 officers will ensure the safety of the Hajj and escort the pilgrims, according to the director of security, Gen. In addition, it said more than 2,000 Saudi Red Crescent Authority personnel had been deployed in Makkah and Madinah .
Family member Andrew Saldivar told the Houston Chronicle that he found the van Tuesday night after floodwaters began to recede. The Coast Guard said it also had rescued more than 3,000 by boat and air and was taking more than 1,000 calls per hour.
Both the devices will also work with Android smartphones (provided you bought them in last two years) and iPhone 5 or above. Switch to second-by-second monitoring and you'll get a better idea of why you're gassed before you've even hit your stride.
Griffin tweeted last July that she was exonerated and that the federal investigation was closed . "I lost everybody", she said. Her tour was essentially cancelled, and she was sacked from hosting CNN's New Year's Eve special with Anderson Cooper .
Sitting in for Iain Dale, he said: "It's rather like a ransom, they're treating us like we're a hostage". The EU has continued to ratchet up its rhetoric against the UK's negotiation team in Brussels .
Since the Cowboys played in the Hall of Fame Game on August 3, they have played in the customary four preseason games already. Fans who purchased $25 tickets will have the option of getting a refund or having that money donated to relief efforts.
The U.S. has lost a few Aegis destroyers in recent months, hindering missile defense in a volatile region. In June, the John Paul Jones failed to shoot down its target missile in a similar test off Hawaii.
Unlike the celebrities of today, the Kim dynasty has never offered up much information about their personal lives. Current supreme leader Kim Jong Un was born to Kim Jong Il's mistress Ko Young Hee in the early 1980s.
Google is bringing Google Assistant to more third-party devices from manufacturers, including speakers and appliances. For instance, you can say, "Ok Google, start vacuuming" to get your LG vacuum to start cleaning the house.
Led Coalition Says it May Hit ISIS Evacuees in Syria
The deal also included the return of the bodies of eight Lebanese soldiers who were kidnapped three years ago by ISIS . It is also sensitive for Turkey, a USA ally which fears expanded Kurdish influence along its border with Syria.