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U.S. Economic Growth Accelerates to 3%
Real gross domestic product in the U.S. expanded by an annualized 3.0% in the second quarter of 2017, compared with an initial estimate of 2.6%, according to the Dept. of Commerce.
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Real gross domestic product in the U.S. expanded by an annualized 3.0% in the second quarter of 2017, compared with an initial estimate of 2.6%, according to the Dept. of Commerce. First-quarter growth was an annualized 1.2%.
The department’s Bureau of Economic Analysis says consumer spending and nonresidential fixed investments both were stronger than initially estimated. Gains in federal spending also helped. Those contributions were partly offset by less-than-estimated government spending at the state and local level.
BEA notes that combined corporate profits in the U.S., which fell by $40.7 billion in the first quarter, grew by $26.8 billion in April-June. The department will announce a second update to its GDP data at the end of September.
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