Second Quarter GDP Upwardly Revised from 2.6% to 3.0%

The US economy grew at its fastest pace in more than two years in the second quarter much faster than initially estimated official data

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. However, private economists and the nonpartisan Congressional Budget Office believe that forecast is unrealistic.

US Treasury Secretary Steven Mnuchin has previously stated that GDP growth of 3 percent would be very achievable for the Trump administration though tax and regulatory reforms.

The report said consumer spending on wireless phones and their associated services pushed intellectual property investment up 4.9 percent.

This was the second of three estimates the government will provide for second quarter growth.

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Consumer spending, which makes up more than two-thirds of the US economy, grew at a 3.3 percent rate, the fastest in a year, reflecting more spending on motor vehicles, cellphones, housing and utilities than previously estimated. The general picture of economic growth remained the same. Following just 1.2% GDP growth in the first quarter, the economy would need to continue growing at this pace to hit Trump's mark on an annual basis for this year.

Spending by governments, which had grown 0.7 percent in the initial estimate, was revised down to 0.3 percent.

Even with the expected upward revision, GDP growth is still falling short of the optimistic goals President Donald Trump hopes to achieve through tax cuts, regulatory relief and tougher enforcement of trade agreements. Trump submitted a budget to Congress in May that was based on achieving growth rates in coming years of 3 percent on a sustained basis. However, analysts believe the pace of growth will bounce back once the rebuilding begins and oil refineries get back to full production, bringing down prices. The economy will also be boosted by higher spending on the military and infrastructure projects, he said.

"The impact on the national economy will be minor", said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh.

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