The GDP for quarter two was revised up to 4.2% even though the experts expected it to be pushed downward.
The roaring growth of the US economy in the second quarter was even faster than first reported, with new numbers showing a bigger boost in corporate spending, the government reported Wednesday.
The uptick in estimates of second quarter spending by companies was sure to comfort President Donald Trump and supporters of December’s sweeping corporate tax cuts who argue that lowering corporations’ tax burdens will spur investment and growth.
Gross Domestic Product advanced at an annual rate of 4.2 percent in the April-to-June period, a tenth of a point faster than initial estimates showed last month and — at nearly twice the first quarter’s pacet — he fastest growth in almost four years, according to the Commerce Department.
Analysts had been expecting a slight downward revision.
Experts are now expecting GDP growth to hit 3% for the year.