U.S. economic growth second estimate for the second quarter increased 3%, beating the advanced estimate of 2.6%. The growth came on the back end of increased consumer spending, non-residential fixed investment, exports, federal government spending, and private inventory investment that were partly offset by negative contributions from residential fixed investment and state and local government spending.
According to the U.S. Department of Commerce, “The acceleration in real GDP in the second quarter primarily reflected upturns in private inventory investment and federal government spending and an acceleration in PCE that were partly offset by downturns in residential fixed investment and state and local government spending and a deceleration in exports.”
Additionally, the price index for gross domestic purchases rose 0.8% in the second quarter match the second estimate for the quarter. The PCE price index increased 0.3 percent, compared with an increase of 2.2 percent. Excluding food and energy prices, the PCE price index increased 0.9 percent, compared with an increase of 1.8 percent in the first quarter of 2017.”
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