A new report released by the Department of Commerce Wednesday morning revealed that the U.S. economy grew at the fastest pace in two years during the second quarter.
“Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2017 (table 1), according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent,” the report states.
The numbers are even higher than expected, as the report states that the advance estimate issued last month had indicated the GDP increase would be 2.6 percent.
Incomes are up, as well. The report read: “Real gross domestic income (GDI) increased 2.9 percent in the second, quarter, compared with an increase of 2.7 percent in the first.”
The increase in numbers in the second quarter is attributed to increases in personal consumption expenditures, and in nonresidential investment that was larger than previously estimated. It said the increases were partially offset by a larger decrease in state and local government spending.
“The acceleration in real GDP in the second quarter primarily reflected upturns in private inventory investment and federal spending and acceleration in PCE that were partly downturns in residential fixed investment and state and local government spending and a deceleration in exports,” the report stated.
Additionally, “profits from current production increased $26.8 billion in the second quarter, in contrast to a decrease of $46.2 billion in the first quarter,” the data read.
President Trump has expressed a goal of having an economic plan that will consistently create growth of at least 3 percent or more annually.
The Washington Times noted that the positive news came on the very day that President Trump is traveling to Missouri to promote tax reform and tax cuts, a key part of his plan to meet the 3 percent annual growth goal.
The New York Times admitted that “if the economy sustains the current pace of expansion, it would be a significant uptick from the 2 percent growth rate that has mostly prevailed since the current recovery began eight years ago.”
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