Connect With PPD
Follow Us:
Economy

BEA: U.S. Economy Grew at Solid 3.1% Pace; Final 2Q GDP

Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)

The Bureau of Economic Analysis (BEA) said Thursday the third and final reading of second-quarter (2Q) gross domestic product (GDP) was 3.1%, a solid pace of economic growth fueled by upward revisions to inventories and construction.

The third estimate is up slightly from the second estimate of 3.0%.

Real gross domestic income (GDI) increased 2.9% in the second quarter juxtaposed to the 2.1% in the first. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.0 percent in the second quarter, compared with an increase of 2.0 percent in the first quarter.

The increase in real 2Q GDP reflected positive contributions from PCE, nonresidential 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.

Tax Reform

President Donald Trump cited recent upbeat economic data, including GDP, during his visit on Wednesday to Indiana where he pushed Republicans’ newly unveiled tax reform plan. While he was optimistic about current and future economic growth, the President stressed it would be much stronger if tax reform gets through the Congress and to his desk.

He told the American people they need to engage in the debate and push lawmakers to “do the right thing.”

“Call your congressman. Call your senators,” Trump said. “Let them know you’re watching, let them know you’re waiting. Tell them that today is the day for decision. That now is the time to heal this self-inflicted economic wound.”

“If you demand it, the politicians will listen.”

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

8 months ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

3 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

3 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

3 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

3 years ago

This website uses cookies.