Real GDP increased at an annual rate of 2.6% in the second quarter, up from 1.2% in the first three months.
The "Big Six" tax reform negotiators released an update this week but it once again lacked any significant detail other than to officially announce the demise of a border adjustment tax that was to generate over $1 trillion in annual revenue to help offset the cost of reducing rates. "I wouldn't want to emphasize that growth is accelerating based on the second quarter". The growth rate also marks an encouraging improvement over Q1's pace, which was revised down slightly to a sluggish 1.2% rise.
However, that growth rate is still well below the previous 10 expansions going back to 1949. The economy grew 3.5 percent in the third quarter of 2016 before slowing down.
Meanwhile, imports - which are subtracted from GDP calculations - increased and made a larger negative contribution due to the weaker dollar. Many of President Donald Trump's economic plans, including tax cuts and the administration's budget, rely on having higher economic growth to generate more revenue for the government.
Rain forces early tea at Galle, India lead SL by 365 runs
Since, Asela Gunaratne has been ruled out of the series due to thumb injury on day one, hosts were batsman short. We should not forget this that it was the Sri Lanka who beat India in the last Champions Trophy.
Microsoft Ups Rewards for Windows Bugs
Under the new terms, those who find a vulnerability in the slow Windows Insider release track will be awarded $30,000. The Program consists of four categories which gives good hackers monetary payouts ranging between $500 to $250,000.
Court orders Baby Charlie Gard to be moved to hospice to die
The timing of the move and the location of the hospice are private, according to Judge Nicholas Francis's court order. However, it would appear that Connie Yates and Chris Gard were unable to settle the dispute over their son's care.
The loonie surged on the news, jumping back above the 80-cent plateau to close Friday's trading day up 0.77 cents at 80.39 US cents.
Spending on mining exploration, wells and shafts grew at a 116.7 percent rate, slowing from the first-quarter's robust 272.1 percent pace.
"The economy is moving along at a pace that's unexciting but not worrisome", said Michael Feroli, chief US economist at JPMorgan Chase in NY. Average GDP growth during the period through the end of previous year is now at 2.2 percent, up from 2.1 percent previously. Therefore, net exports added 0.18 percentage points to real GDP growth. Consumer spending accounts for 70 percent of economic activity. Residential investment fell by 6.8 percent, pulling back from really strong gains in both of the prior releases. The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased at a 0.9 percent rate compared to 1.8 percent in the first quarter. Most promisingly, equipment spending soared in the latest data to its fastest pace since the third quarter of 2015, up 8.2 percent, with 4.9 percent growth in structures spending.