US GDP rebound fails to ignite dollar spark

Traders work on the floor of the New York Stock Exchange

Stronger consumer spending accelerated the United States economy in the second quarter, according to the Commerce Department's first estimate of gross domestic product released Friday. The rate of growth is more than double the 1.2% GDP rate posted in the first quarter.

"Consumers continue to drive the economy's growth, but firmer business investment is also a plus", says Mark Zandi, chief economist at Moody's Analytics.

The 2.6 percent growth in the second quarter was the fastest pace since the economy expanded at a 2.8 percent rate in the third quarter of previous year.

"I feel much more confident that we're going to stick the landing on tax reform because we have now said we have consensus, here's the framework, let's go get it done", Ryan said on Fox Business.

More news: California woman Livestreamed dying sister after vehicle crash

Trade added 0.18 percentage point to growth, contributing to output for a second straight quarter. Average GDP growth during the period through the end of previous year is now at 2.2 percent, up from 2.1 percent previously.

Americans got out and spent more in the spring, nursing the US economy back to health after a feeble start to the year.

The US economy grew by 2.6% in the second quarter boosted by consumer spending, according to official data published on Friday (28 July). Inflation as measured by the PCE price index increased at a 0.3% annual rate. First-quarter economic growth was revised down to 1.2%. Economists expect little change in the growth picture. But those effects were offset by an increase in other types of investment, greater consumer spending and stronger exports. Consumer spending, which accounts for more than two-thirds of the US economy, grew at a 1.1 percent rate in the first quarter, the weakest performance in a year. The result was the best since October 2000 when the economy posted year-over-year growth of 4.7 per cent. Most promisingly, equipment spending soared in the latest data to its fastest pace since the third quarter of 2015, up 8.2 percent, with 4.9 percent growth in structures spending.

Yet the International Monetary Fund said that its forecast for global growth remained unchanged, given strengthening economies in France, Germany, Italy, Spain, Japan and Canada.

Related News:

  • More than 2500 products have fallen victim to shrinkflation

    More than 2500 products have fallen victim to shrinkflation

    The Office for National Statistics (ONS) said it was not just chocolate bars that have been subject to so-called "shrinkflation". But the ONS has cast doubt on whether raw material costs are really rising.

    PM Yıldırım condemns restrictions on Al-Aqsa mosque compound

    The Israeli military said it arrested more than 20 Palestinians overnight Sunday near the site of the attack. Israeli police said they were investigating the charge.

    The Nintendo Switch Online app is available now for iOS and Android

    Secondly, it serves as a voice chat client while playing Switch games (the console now doesn't have any on-board voice chat ). You also can't switch out of the app to text or check something on the internet, or chat will be cut off.
  • Will Apple Inc. (AAPL) Really Build 3 New US Factories?

    Will Apple Inc. (AAPL) Really Build 3 New US Factories?

    In the entire world, Apple now owns exactly one manufacturing plant: its plant where it assembles iMacs in County Cork, Ireland . In May, Cook said in an interview with CNBC that it will invest $1 billion to create manufacturing jobs in the United States.
    Danilo : Real Madrid defender completes Man City move

    Danilo : Real Madrid defender completes Man City move

    To be fair to the slick-haired goalkeeper, he never openly stated his desire to leave the club as many footballers do. Manchester United and Real Madrid play each other at 10pm (BST) tonight with De Gea expected to be involved.
    Michael Oher Released by Carolina Panthers After Failed Physical

    Michael Oher Released by Carolina Panthers After Failed Physical

    Earlier in the day, he gave right guard Trai Turner a four-year, $45 million extension with $20.45 million guaranteed. The Carolina Panthers officially cut ties with Oher Thursday, but that may be the least of his issues.
  • Channels activated to trace 39 Indians in Iraq: minister

    Channels activated to trace 39 Indians in Iraq: minister

    Based on the search done by Singh she said that the Indians may have been lodged in a jail located in northwest Mosul. Forty Indians, a lot of them from Punjab, went missing in June 2014 after Mosul fell to the Islamic State.
    Amid Rome drought, Vatican turns off all fountains to save water

    Amid Rome drought, Vatican turns off all fountains to save water

    There is a possibility that people in Rome will have to ration water to get through the last half of summer. Peter's Square and all interior fountains, including those in the Vatican Gardens .
    Treasury Department Fines Exxon Mobil for Russia Sanctions Violations

    Treasury Department Fines Exxon Mobil for Russia Sanctions Violations

    Mr Sechin was Mr Tillerson's main partner as Exxon sought to drill in the Arctic's Kara Sea, which has vast untapped potential. Tillerson left ExxonMobil to become secretary of state after 10 years at the helm of the global energy power.
  • Israeli forces wound 22 Palestinians in Jerusalem's Old City

    Witnesses cited by the agency said Sharaf was shot in the neck, although the precise circumstances have not been confirmed. Officials said 3,000 attended several protests over the detectors Israel placed near a site holy to both Jews and Muslims.
    California approves cap-and-trade scheme until 2030

    California approves cap-and-trade scheme until 2030

    Because it was approved by a two-thirds majority, the program won't be subject to legal challenges that it's an unlawful tax. An nearly surreal 2017 political scene was on display Monday in Sacramento: Republicans and Democrats, including Gov.
    National Hot Dog Day Deal at Dog Haus

    National Hot Dog Day Deal at Dog Haus

    Heinz has introduced an alternative to ketchup: dog sauce, the flawless condiment for your hot dog for National Hot Dog Day. If you're looking for dinner plans Wednesday, look no further because it's National Hot Dog Day .


Most liked

Apple supplier Foxconn to set up LCD factory in Wisconsin
Scott Walker and Republican House Speaker Paul Ryan , in whose congressional district the Foxconn plant will be located. Though there was no comment from Apple CEO, but Trump said he had talked to Cook and he was going forward with it.

Iran warns to respond firmly to US House 'hostile' move
He continued, "We gave up all of our leverage already". "Instead, they've become emboldened". Trump devoted part of his speech in Youngstown, Ohio , to Iran.

Tillerson not quitting, says bond with Trump good
Secretary of State Rex Tillerson is knocking down a flurry of speculation that he is unhappy in his job and may soon quit. Tillerson's comments Wednesday indicate he is prepared to remain in his post, at least for now.

Ukraine strips citizenship of ex-Georgia leader Saakashvili
That "will never happen", Saakashvili, who had written in Facebook on July 25 that he was in the United States, said in the video. Mr Saakashvili automatically lost his Georgian citizenship when he was given the Ukrainian one.

Charlie Gard's parents drop request to bring terminally-ill infant home
Mr Justice Francis said he would make a decision about where the 11-month-old boy should spend the remainder of his life today. They said practicalities were of the "greatest importance" but that Charlie's parents had proposed no clear plan.

WONDER WOMAN 2 Release Date Confirmed
It's notable too that she broke records with Wonder Woman , as it was the highest-grossing live-action film directed by a woman. DC Films still has two mystery movies allocated for February 14 , 2020 and June 5, 2020 that have not yet been named.

Antonio Conte: 'Alvaro Morata will need time to adapt at Chelsea'
It was German global Mueller, whose future has been rumoured to be in doubt after Bayern's loan signing of James Rodriguez, who was the outstanding player on the night.

Samsung Galaxy Note 8 Dual Cameras Will Have Optical Zoom
The same thing happened with the Galaxy S8 just recently, with Samsung launching new pink and blue versions of the handset. The Galaxy Note 8 will be unveiled on August 23rd in New York City and should go on sale in the weeks that follow .

Jordanian killed and Israeli wounded at Amman embassy 'incident': security source
Jordanian police want to question the guard and have sealed off the area, but Israel says he has diplomatic immunity. The escalation began earlier this month when Arab gunmen fired from the holy site, killing two Israeli policemen.

Sensex climbs 124 pts, Nifty above 9900
Coal India (up 2.66 per cent), Kotak Bank (1.90 per cent), TCS (1.87 per cent) and Infosys (1.11 per cent) had a field day. Turnover in the cash segment jumped to Rs 29,346.72 crore from Rs 25,835.64 crore yesterday.

Amidst standoff, Pak's Abdul Basit meets with Chinese ambassador in India
National Security Advisor Ajit Doval would be going to Beijing later this month to attend the BRICS NSA meeting on July 27-28. Earlier this month, the US, Japan and India conducted what they boasted was the largest ever Indian Ocean naval exercise.

Scripps Networks Interactive, Inc (SNI) Position Raised by KCG Holdings Inc
Separately, Scripps appears to have been a target of the Redstone family controlled Viacom , according to several reports. Jarislowsky Fraser Limited stated it has 0% in Scripps Networks Interactive, Inc. ( SNI ) in the open market.

Elon Musk seems to have ditched Red Dragon lander plan for Mars
Either way, Musk's Boring Company will need more than a nod to build the high-speed transit system between two major cities. While we await answers, here are the few facts we do know.

Frontier Airlines returning to Fargo
The airline has 55 more single-aisle aircraft on order from Airbus, according to the manufacturer's most recent figures. But those low fares haven't meant customer satisfaction.

China urges USA to ease trade barriers
His administration is also weighing steps to cut steel imports, blaming China's overcapacity for creating global gluts. He said, for example, that China puts greater restrictions on inbound investment than the United States does.