U.S. GDP Growth Upwardly Revised By More Than Expected In Q2
September 29 2016 - 5:34AM
RTTF2
Primarily reflecting upward revisions to non-residential fixed
investment, private inventory investment, and exports, the Commerce
Department released a report on Thursday showing that U.S. gross
domestic product increased by more than previously estimated in the
second quarter.
The report said second quarter GDP climbed by 1.4 percent
compared to the previously reported 1.1 percent increase.
Economists had expected the pace of GDP growth to be upwardly
revised to 1.3 percent.
The upwardly revised GDP growth seen in the second quarter
compares to the 0.8 percent increase that was reported for the
first quarter.
The Commerce Department said the most notable change in the
latest GDP estimate is that non-residential fixed investment
increased compared to the previously reported decrease.
However, the report also said gross domestic income decreased by
a revised 0.2 percent in the second quarter, reflecting the weakest
reading since a matching drop in the first quarter of 2013.
The faster GDP growth compared to the previous quarter primarily
reflected an acceleration in consumer spending and upturns in
non-residential fixed investment and exports.
A larger decrease in private inventory investment, downturns in
state and local government spending and residential fixed
investment and an upturn in imports still limited the upside.
On the inflation front, the Commerce Department said its reading
on core consumer prices, which exclude food and energy prices,
climbed by an unrevised 1.8 percent in the second quarter.
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