U.S. Revises Q2 GDP Growth Upward, From 4.1% to 4.2% U.S. Revises Q2 GDP Growth Upward, From 4.1% to 4.2% – NTK Network

U.S. Revises Q2 GDP Growth Upward, From 4.1% to 4.2%

The Commerce Department had good news on the U.S. economy on Wednesday.

By NTK Staff | 08.29.2018 @9:01am
U.S. Revises Q2 GDP Growth Upward, From 4.1% to 4.2%

The Commerce Department revised up its estimate of annualized second-quarter GDP growth in the U.S. on Wednesday, moving its Q2 estimate from 4.1-percent growth to 4.2-percent growth.

The Associated Press reported:

The Commerce Department revised up its estimate of growth in the April-June quarter from an initial estimate of 4.1 percent. The second quarter was a sharp improvement from a 2.2 percent annual gain in the first quarter, though some of the strength came from temporary factors.

Economists expect growth to slow to a still healthy 3 percent annual rate the rest of the year, resulting in annual growth of 3 percent in 2018, the best performance since a 3.5 percent gain in 2005.

When the Bureau of Economic Analysis (BEA) announced Q2 GDP growth in late July, the Committee for a Responsible Federal Budget (CRFB) noted that BEA and the Congressional Budget Office (CBO) expect growth at or near three percent for the next two years, before GDP growth levels off at between 1.5 percent and 1.8 percent per year going forward.

According to CRFB, a little under 10 percent of this quarter’s GDP growth (0.3 percent total) can be attributed to the GOP tax cuts, and the same portion can be attributed to the 2018 spending deal Republicans and Democrats reached earlier this year.

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