Ooops! "Experts" wrong again....nd they desperately try to downplay the great economic news, even as they are forced to admit it.
Poor Dunce-o-crats just can't get a break; the damned economy refuses to contract, and instead is BOOMING, as Q2 GDP growth numbers are revised sharply upward...again.
WASHINGTON, Sept 25 (Reuters) - The U.S. economy grew faster than previously thought in the second quarter, pumped up by an ebb in imports and a pickup in consumer spending, but momentum appears to have since slowed.
Gross domestic product increased at an upwardly revised 3.8% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis (BEA) said in its third GDP estimate on Thursday. The economy was initially reported to have grown at a 3.3% pace in the second quarter.
Economists polled by Reuters had expected GDP growth would be unrevised at a 3.3% rate. Growth last quarter was also supported by businesses boosting investment in intellectual property products, mostly artificial intelligence.
The government revised the national accounts data from the first quarter of 2020 through the first quarter of 2025. The economy contracted at a 0.6% pace in the first quarter, revised slightly down from the previously reported 0.5% pace of decline.
A front-loading of imports as businesses rushed to beat President Donald Trump's sweeping import duties, which boosted the nation's average tariff rate to its highest level in a century, depressed GDP in the January-March quarter. GDP snapped back last quarter as the flow of foreign goods eased.
When measured from the income side, the economy grew at a downwardly revised 3.8% rate in the second quarter. Gross domestic income (GDI) was initially estimated to have increased at a 4.8% pace. GDI grew at a 1.0% rate in the first quarter, revised up from the previously reported 0.2% pace.
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, grew at a 3.8% rate. That was slight downgrade from the 4.0% pace estimated last month.
www.reuters.com
Poor Dunce-o-crats just can't get a break; the damned economy refuses to contract, and instead is BOOMING, as Q2 GDP growth numbers are revised sharply upward...again.
US second-quarter GDP growth revised sharply higher
WASHINGTON, Sept 25 (Reuters) - The U.S. economy grew faster than previously thought in the second quarter, pumped up by an ebb in imports and a pickup in consumer spending, but momentum appears to have since slowed.
Gross domestic product increased at an upwardly revised 3.8% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis (BEA) said in its third GDP estimate on Thursday. The economy was initially reported to have grown at a 3.3% pace in the second quarter.
Economists polled by Reuters had expected GDP growth would be unrevised at a 3.3% rate. Growth last quarter was also supported by businesses boosting investment in intellectual property products, mostly artificial intelligence.
The government revised the national accounts data from the first quarter of 2020 through the first quarter of 2025. The economy contracted at a 0.6% pace in the first quarter, revised slightly down from the previously reported 0.5% pace of decline.
A front-loading of imports as businesses rushed to beat President Donald Trump's sweeping import duties, which boosted the nation's average tariff rate to its highest level in a century, depressed GDP in the January-March quarter. GDP snapped back last quarter as the flow of foreign goods eased.
When measured from the income side, the economy grew at a downwardly revised 3.8% rate in the second quarter. Gross domestic income (GDI) was initially estimated to have increased at a 4.8% pace. GDI grew at a 1.0% rate in the first quarter, revised up from the previously reported 0.2% pace.
The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, grew at a 3.8% rate. That was slight downgrade from the 4.0% pace estimated last month.
US economy notches fastest growth pace in nearly two years in second quarter
The U.S. economy grew faster than previously estimated in the second quarter amid strong consumer spending and business investment, though momentum appears to be slowing as the effects of tariffs and policy uncertainty start to filter through.
www.reuters.com
