US Second Quarter GDP Revised Sharply Higher To 3.0%… Best In Two Years!
The second quarter GDP was revised sharply higher to 3.0%
The initial estimate was 2.6% .
Via Zero Hedge:
From a previous TGP report:
One of the main economic indicators of a robust economy is GDP (Gross Domestic Product). According the US Bureau of Economic Analysis (BEA):
GDP is one of the most comprehensive and closely watched economic statistics: It is used by the White House and Congress to prepare the Federal budget, by the Federal Reserve to formulate monetary policy, by Wall Street as an indicator of economic activity, and by the business community to prepare forecasts of economic performance that provide the basis for production, investment, and employment planning.
Yesterday the BEA released its analysis of second quarter 2017 GDP:
Real gross domestic product increased at an annual rate of 2.6 percent in the second quarter of 2017 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent, (revised up from the original 0.7 percent growth.)
Under President Trump the second quarter annual GDP growth rate nearly doubled the rate from the President’s first quarter. Also, according the BEA, the US GDP surpassed $19 Trillion for the first time in US history under President Trump.
Barack Obama was the only U.S. president in history who did not deliver a single year of 3.0% + economic growth.
Obama averaged less than 2% growth in his years in office.
According to Louis Woodhill, President Barack Obama left office with the fourth worst economic record in US history.
Assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of 1.55% growth. This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65% ), Andrew Johnson (-0.70% ) and Theodore Roosevelt (1.41% )
But all of that is changing under the leadership of President Trump. Employment numbers are improving, the stock market is at a record high and the GDP is climbing.
The Federal Reserve Bank of Atlanta forecast a 3.7 percent rate for the third quarter of 2017.