Wednesday, 30 August 2017

US economy growing at fastest pace in more than two years

New figures show the US economy expanded by 3% in the three months to the end of June, growing at its fastest pace in more than two years.

Consumer and business spending was higher than previously estimated, the US Bureau of Economic Analysis said.

The revision lifted the annual GDP growth rate from the earlier 2.6% estimate, with growth accelerating from a slow start to the year.

But economists said it did not alter the picture significantly.

On a year-on-year basis, GDP increased by 2.2% in the second quarter - similar to the "stolid" growth that has characterised the US economy in recent years, said Gus Faucher, chief economist for PNC Bank, based in Pittsburgh.
"The economy today with this number looks a lot like the economy yesterday," he told the BBC.

The 3% growth rate in the second quarter marked a rebound from 1.2% growth in the first three months of the year.

BBC    News.