The GDP for quarter two was revised up to 4.2% even though the experts expected it to be pushed downward.

Yahoo:

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.

 

Share Your Thoughts

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please hover over that comment, click the ∨ icon, and mark it as spam. Thank you for partnering with us to maintain fruitful conversation.