The government provides three estimates each quarter for GDP, the economy's total output of goods and services.
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.
USA economic growth in the second quarter was stronger than originally reported, reaching President Donald Trump's target amid robust consumer spending and business investment. The Federal Reserve Bank of Atlanta's GDPnow model is predicting a third-quarter growth rate of 3.4 per cent. Growth has averaged a little over 2 per cent a year since the recession ended in mid-2009.
The result is a healthy upward revision from the government's initial estimate of 2.6 per cent growth in the second quarter.
The "second" estimate released by the Bureau of Economic Analysis (BEA) reflects an upward revision from the initial estimate of 2.8%.
Economists are not looking for Hurricane Harvey to make much of an impact on economic growth, believing that a spike in the cost of gasoline and other energy prices will be short-lived as refineries along the Texas Gulf Coast resume operations quickly.
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Also on Monday night, the church said it will open a collection site on Tuesday to distribute supplies to Houston-area shelters. In fact, according to Snopes, "a map of the area surrounding the church shows it is under a flood advisory, but not a warning".
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A surprise upgrade to GDP growth figures for the U.S. economy gave relief to the dollar today after it this week dropped to its lowest levels since January 2015.
Additionally, private payrolls increased by 237,000 in August, largely through gains in the manufacturing and construction industries, CNBC reported on Wednesday. For the year a whole, I am now predicting real GDP growth of 2.2 percent, with 2.8 percent growth for the current third quarter. This compares with a 1.2% gain in the first quarter of the year.
Business spending got a boost from software, helping intellectual-property investment rise at a 4.9 percent pace, up from an initially reported 1.4 percent. A slow first quarter followed by an improved second quarter also occurred in two of the past three years. Stripping out trade and inventories, the two most volatile components of the GDP calculation, final sales to domestic purchasers rose 2.7 per cent.
The first look at corporate profits for the quarter also bodes well for business investment and for hiring, which has been robust so far this year.
New figures show the United States economy expanded by 3% in the three months to the end of June, growing at its fastest pace in more than two years.