U.S. growing at fastest pace for more than two years

31 August, 2017, 01:35 | Author: Franklin Nunez
  • Canadian dollar weakened to a one-week low against its U.S. counterpart on Wednesday. Mark Bli  Reut

Profits from current production - that is corporate profits adjusted for the value of unsold inventory and capital consumption - increased by $26.8bn in the second quarter.

The second quarter growth in 2017 of 3 percent, which includes performance from April, May, and July, more than double the 1.2 percent growth seen in the first quarter of 2017.

On the stump for an overhaul of the nation's tax system, President Donald Trump on Wednesday said that cutting taxes would "bring back Main Street" and spur the USA economy to a level of growth not seen since the Great Recession. The average of real GDP and real GDI, which is a supplemental measure of US economic activity that equally weights GDP and GDI, gained 3.0% in the 2Q, compared with an increase of 2.0% in the first.

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"We expect Harvey to slow GDP growth by anywhere between 0.1 and 0.4 percentage points, with Q3 growth likely to come in in the 2.5 percent to 3.0 percent range given current tracking", added TD Economics.

The more robust second-quarter GDP reading reflected stronger consumer spending and business investment, partly offset by a steeper pullback in government spending.

The bureau will release its third estimate for the second quarter of 2017 on September 28. Economists saw a limited impact on growth from Hurricane Harvey, which devastated parts of Texas. Other data on Wednesday showed private employers ramped up hiring in August, adding 237,000 jobs to their payrolls. But he said 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 and the economy will also be boosted by higher spending on the military and infrastructure projects. The growth rate in the January-March quarter was a lacklustre 1.2%.

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"Underlying domestic demand in the economy is consistent with near three percent growth but the supply-side of the economy is not capable of delivering such a pace of growth at this point", John Ryding, chief economist at RDQ Economics in NY, told CNBC. The average for the first half of 2017 was 2.1%.

The upgrade was also considerably higher than preliminary estimates of 2.6 per cent, and also represented a considerably faster expansion than economists had expected, at 2.7 per cent.

Investment on nonresidential structures increased at a 6.2 percent pace, rather than the previously reported 4.9 percent rate.

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