U.S. economy growing at fastest pace since 2015

Canadian dollar falls most in a month as greenback climbs, oil drops

The Commerce Department said Wednesday that the economy had expanded at an annual rate of 3 percent in the second quarter of the year, better than initially estimated, and a substantial acceleration over the first quarter's lackluster 1.2 percent pace.

The government said the rebound between April and June was fueled primarily by consumer spending on cars and other goods.

The revised number was 3.3 percent, versus an initial estimate of 1.9 percent. However, the current devastation in Southeast Texas is likely to hit growth in the third quarter, with economic activity substantially disrupted in the Houston, Victoria, and Corpus Christi metro areas. The revised consumer spending data was the highlight of this report, indicating that the consumer, aided along by solid job and income growth has definitely woken up after the first quarter lull, stated TD Economics.

Businesses helped to carry the economy in the second quarter, with spending on equipment jumping at a rate of 8.8 percent. Factors like net exports and residential investment barely changed, while government spending added only 0.1 percentage point.

Annual estimated growth was 3 percent, up from a 2.7 percent estimate in the first quarter and higher than the expected second-quarter gain of 2.6 percent. Corporate profits rose 1.3 percent in the second quarter following a drop of 2.1 percent in the first quarter. The average of real GDP and real GDI, a supplemental measure of US economic activity that equally weights GDP and GDI, increased 3.0 percent in the second quarter, compared with an increase of 2.0 percent in the first quarter.

Clowns Are Reportedly Losing Work Because of the New It Movie
One WCA member arrived early for a children's birthday party recently and waited outside in her parked auto . The very public we're trying to deliver positive and important messages to aren't getting them ".

Trump talked up the latest figures in a speech Wednesday in Springfield, Missouri, laying out his plans for tax reform.

The budget the president released in May projects GDP growth will rise to 3 per cent over the next four years and remain at that level for the rest of the decade.

Increases in consumer spending and business investment powered almost all of the revision issued on Wednesday. Personal consumption expenditures rose 3.3% over Q1, up from 2.8% in the first estimate and 1.9% in Q1.

The chief driver of second-quarter strength was consumer spending. That was the fastest in almost two years and was an upward revision to the 8.2 percent pace reported last month. But he said a 0.4 percentage point of that forecast reflects an assumption that the Trump administration will win a tax cut package that will take effect in early 2018.

Related News:

Most liked

Missouri Humane Society Helping with Harvey Pets
The shelter is offering microchips for $15 from 8 a.m.to 4 p.m. daily through Friday, Sept. 1. In Kentucky, the Humane Society has offered to take in as many as 70 displaced animals.

Oil prices dip on refinery shutdown
All these uncertainties pushed gasoline futures prices up 3% from Friday's close, to US$1.7799, its highest level since June 2015. Both West Texas Intermediate and Brent barrel prices traded down on Tuesday as Tropical Storm Harvey continues to pound the U.S.

Oh no, LaVar Ball and family got their own reality TV show
The show, produced by MTV reality show vets Bunim/Murray Productions , certainly looks the part of the Real World style format. After tomorrow's debut, new episodes of Ball in the Family will be available every Sunday beginning on September 10.

PSG : Club defender Aurier closes in on Tottenham move
He was handed a two-month "convertible" prison sentence, which he is unlikely to ever serve, and was fined over £2,000. Coach Mauricio Pochettino sees Aurier as a replacement for Kyle Walker, who has left for Manchester City.

Erdogan urges United Nations to put pressure on Myanmar government
He also voiced concern over allegations that staff members of global organisations had participated in the attacks. Myanmar's Rohingya are the world's largest stateless minority and endure severe restrictions on their movements.

Uber's New CEO Played a Role in Expedia's Bet on Alice
OffOkerstrom had been serving as the online travel company's chief financial officer and executive vice president of operations. Former CEO Travis Kalanick left this post late June after pressure from investors amid the company's series of damning scandals.

Pres. Trump Shuts Down 'Burdensome' Obama-Era Proposal For Equal Pay
Using that data, the federal government would then have had hard evidence of pay discrimination. Either way, we should probably drop the "Ivanka will be our savior" narrative.

The iPhone 8 reportedly swaps the home button for gesture controls
The power button on the right side of phone is longer so it is easier to press while holding the device in one hand. Users will be able to swipe the software bar up onto the screen and navigate between apps using their fingers.

Bobbi Kristina Brown Biopic to Air on TV One; Watch the Trailer
Nick then claimed the two got married (which turned out to be untrue) in order to receive a part of Whitney's inheritance. Her family accused Gordon of giving her the toxic cocktail and left her to drown in the bathtub.

Eat more fat, fewer carbs, says multi-nation, multi-year health study
If you're thinking of changing you're eating plan, take Melanie's advice, as well we consulting your trusted GP and a dietitian . Deghan added, "What we are suggesting is moderation as opposed to very low and very high intakes of fats and carbohydrates".

Mother drowns trying to save toddler during Hurricane Harvey flooding
On Tuesday, only hours after Sulcer was found dead, Riley told PEOPLE the devoted mother "absolutely saved the child's life". Flash flood warnings are in place in Louisiana this morning, as Hurricane Harvey is expected to move on to its neighbour.

Principal Denies Same-Sex Marriage Ad's Claims Male Students Could Wear Dresses
This rather freakish line of questioning, or should I say campaigning, prompted a complaint to the Federal Government over bias. The first television advertisement for the "no" campaign against gay marriage has aired and it's a total train wreck.

British princes mark anniversary of Diana's death with low-key tribute
Prince Harry (right) and Prince William , Duke of Cambridge views tributes to Princess Diana . The fascination with Princess Diana's life extends to her death.

Cummins to build all-electric HGV engines from 2019
It can haul a 22-ton trailer, and is meant for urban delivery or for transferring cargo to, from, and around ports and terminals. If the charging power is generated from 100 percent renewable sources , then the truck can be described as fully carbon neutral.

YouTube rolls out its new look with a brand new icon
And in the coming months, users will be able to swipe directly to their next video, Tinder-style. These new changes to YouTube comes a year after its mobile app received an interface makeover.