U.S. GDP Growth ‘Steady, Unspectacular’

The growth of U.S. Gross Domestic Product in second-quarter 2017 was the strongest since first-quarter 2015. On Thursday, the Bureau of Economic Analysis released the third estimate of GDP growth in the second quarter. Growth was reported to be 3.06 percent quarter on quarter and 2.21 percent year on year.

Economy.com had this to say about the third estimate of second-quarter GDP: “GDP data suggest the U.S. economy is growing at a steady, if unspectacular, pace and economic prospects through the remainder of this year and next are good despite increased threats from hurricanes, political brinkmanship and North Korea. Stronger growth in the second quarter offset a weak first quarter and confirmed the view of continued growth. Real GDP is on track to come in just above 2 percent this year, and well over 2 million jobs will be created. This is about the same growth experienced since the expansion began more than eight years ago and is above the economy’s current potential. Unemployment and underemployment continue to steadily decline and are now consistent with most estimates of full employment.”