US second-quarter growth accelerates to 2.6%

The US economy gathered speed in the second quarter of the year, growing at an annualised pace of 2.6%.

 

The pick-up was helped by consumer spending in the quarter expanding at a pace of 2.8%, and businesses stepping up spending on equipment.


The growth rate for the first quarter was cut to 1.2%, compared with the previous estimate of 1.4%.


Earlier this week, the IMF revised down its US growth forecast for this year from 2.3% to 2.1%.


President Trump has pledged to pursue policies to boost the US economy, including cutting corporate and individual taxes, but has faced a Washington impasse. He has set an ambitious 3% growth target for 2017.

 

Consumer spending, which makes up more than two-thirds of the US economy, accelerated from the 1.9% growth figure from the first quarter.





BBC    News.