Huge New Economic Numbers Released

The pace of economic growth has exceeded all expectations. Business Insider reports:

The US economy in the second quarter grew even faster than initially estimated, according to a Commerce Department report released Wednesday.

Gross domestic product, the value of every good and service produced domestically, rose at an annual rate of 4.2%, the Commerce Department said, its fastest growth since the third quarter of 2014. The advance estimate released in July had penciled in growth at 4.1%.

Advertisement

Wednesday’s upward revision, based on more complete data, showed that business investment and inventories contributed more to growth than previously thought.

The April-to-June period was the first full quarter with the tax cuts signed by President Donald Trump in effect. Consumer spending rebounded from the first quarter. As usual, it was the biggest contributor to growth, though the revised data showed it to be slightly weaker than first reported; personal consumption was found to have increased 3.8%, versus 4% prior. Spending on vehicles and healthcare was revised lower.

This is good news for all Americans, and will serve as a solid foundation for future economic progress.