GDP Growth in Q2

Jon Howard
July 29, 2017

"The acceleration in real GDP (gross domestic product) growth in the second quarter reflected a smaller decrease in private inventory investment, an acceleration in PCE (personal consumption expenditures), and an upturn in federal government spending", the Commerce Department said. Goods exports increased by 2.8 percent in the second quarter, with goods imports up by 2.0 percent. They see they consumer continuing to carry the growth mantle. "It's a 2 percent economy, plus or minus a little bit", said Michael Feroli, chief US economist at JP Morgan.

Data also released Friday by the Commerce Department showed that full-year annual growth fell from a peak of 2.9 percent in 2015 to just 1.5 percent in 2016, the slowest pace since the recession. However, most economists wouldn't attribute the growth to the president's policies, since not much has been implemented yet.

While the Trump administration has vowed to cut corporate and individual taxes as part of its business-friendly agenda, Republicans' struggles in Congress to pass a healthcare restructuring have left analysts skeptical on the prospects of fiscal stimulus.

Breaking: France's economy grew by 0.5% in the second quarter of 2017. With that said, spending on motor vehicles remained soft.

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Economic growth in the country blew past expectations in May, powered by the energy sector, posting the fastest expansion on an annual basis since October 2000 and raising expectations the Bank of Canada will raise interest rates again this fall. Companies increased investment in equipment such as computers by 8.2%, though spending on structures such as oil rigs and offices grew more slowly. That would follow two straight quarters when investment in homebuilding supported GDP growth.

Housing was a drag on growth in the last quarter, with investment on homebuilding contracting at a 6.8 per cent rate, the worst performance since the third quarter of 2010.

Economists had expected GDP to increase by 2.6% in the second quarter compared to the 1.4% growth that had been reported for the previous quarter.

The showing marked an improvement over the 1.2% growth pace recorded in the first quarter. While that was down from the first quarter's 7.2%, it's still one of the best readings since 2014.

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