Despite Trump's claims, very few countries see 7 percent GDP growth
31 August, 2017, 01:34 | Author: Valerie Burke
The economy will also be boosted by higher spending on the military and infrastructure projects, Zandi said.
Even with the expected upward revision, GDP growth is still falling short of the optimistic goals President Donald Trump hopes to achieve through tax cuts, regulatory relief and tougher enforcement of trade agreements.
The saving rate also slipped to 3.7% from 3.9% in the first quarter.
"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.
"As is the case with most natural disasters, the impact on the US economy will likely be both small and mixed as the early disruption to production and potential spikes in gas prices fade and are replaced by the positive impact of fix and reconstruction efforts", said David Kelly, chief global strategist at JPMorgan Funds.
The upgrade in GDP "has been somewhat positive for the US dollar and negative for fixed income", says Royce Mendes, director at CIBC Capital Markets, in an economics note.
This is the fastest quarterly growth rate in more than two years.
But economists said it did not alter the picture significantly. The average for the first half of 2017 was 2.1%.
Allow fleeing Rohingyas to seek shelter in Bangladesh
An English language statement by the Burmese Information Ministry has put the blame on Rohingya Muslim insurgents. Pope Francis is decrying persecution of Rohingya Muslims in Myanmar and praying they receive "full rights".
Corporate profits (after IVA and CCA) increased by $26.8bn (1.3%) in the second quarter after a decrease of $46.2bn (2.1%) in the first quarter. "This raises doubts on the sustainability of the robust pace of consumer spending".
Real gross domestic income (GDI) increased 2.9 percent in the second quarter, compared with an increase of 2.7 percent (revised) in the first.
The figure was revised up by an unusually-large four-tenths from last month's growth estimate, due to higher consumer spending and business investment than in the initial report.
The growth is "impressive given the lack of policy reforms out of Washington D.C.", said Joseph Brusuelas, chief economist at RSM, a tax and consulting firm.
Meanwhile, residential investment subtracted less that thought previously, shrinking 6.5 percent as did net exports that totalled -USD 613.4 billion. At the same time, private inventories stabilized in the second quarter but added just 0.02 percentage points to headline growth.
It will take more than one quarter's data for the White House or congressional Republicans to be able to claim credit for lifting the economy's growth trajectory.
Nonresidential fixed investment increased by 6.9 percent in the second quarter, extending the 7.2 percent growth rate from the first quarter. Motor vehicle production rebounded after two straight quarters of declines.
Through a series of Twitter posts , Pastor Osteen has debunked these claims and extended his support to the victims. In a 2012 interview with Oprah, Osteen said he didn't feel guilt or the need to apologize over his wealth.
The only bad thing about this tiff is that it is destined to end as soon as MI and Florida take the field on Saturday. Michigan's football team unveiled the look on Monday afternoon, ahead of Saturday's season opener against Florida .
Training exercises across country come at the heels of new USA sanctions and Trump's warning of military action. Later, Washington's top officials rejected this threat. "Economic war, pressures and blackmail are illegal".
In the meantime, Manchester City want to sign former Manchester United defender Jonny Evans from West Brom. Arsenal manager Arsene Wenger had said few weeks ago that Sanchez would "respect" his decision and stay.
The women's US Open defending singles champ is out. "I got the break back and after that, everything changed". This time, she would not make the same mistake, in a devastating display of aggressive baseline tennis.
Boxing didn't absorb a hit and it wasn't a work! ($5 million), Wind River ($4.4 million), and Logan Lucky ($4.3 million). Of course, the fight was a one-night event, while the rest of the figures cover three days of of ticket sales.
Kim McIntosh lives in Florida, but told CNN that her mother, who owns the nursing home just southeast of Houston, took the photo . Ken Clark from the office of emergency services told ABC13 20-25 residents have been rescued from the nursing home.
In a following tweet she made this even clearer: "We have a lot of work still to do at HPE and I am not going anywhere. However, just shortly after plucking a new chief, Uber has also picked up a brand-new scandal altogether.
The ground-based interceptor system was designed mainly to counter a North Korean missile threat, a USA official said at the time. North Korea's most recent missile test early Tuesday local time prompted the Japanese government to tell residents to take cover.
He reportedly said he felt overjoyed when he received praise for bringing a patient back from the brink of death. The crimes came to light after Hoegel was convicted of attempted murder in another case.
Samsung's new wearables focus on wellness
The headliner of the bunch of obviously the new Samsung Gear Sport , the company's latest smartwatch with fitness features. The new watch isn't won't be replacing the Gear S3 that Samsung introduced past year - instead it's filling out the line.
Stafford, Lions agree to landmark deal
He holds every franchise passing record, and if you are talking about pure arm talent, he's top-1o on everybody's list. On its official Twitter account, the Lions said the deal runs through 2022.
Trump threatens again to tear up NAFTA
The latest Republican target of President Donald Trump's public criticism is taking the disapproval with a grain of salt. Republican Representative Jim Jordan of OH , another influential voice within the group, repeated the same message.