U.S. economy grows 2.6% in second quarter

US GDP Sets Stage For US Dollar Test Multiple Pairs Approach 200-WMA

The Bureau of Economic Analysis reports that second-quarter GDP increased at an annualized rate of 2.6% over Q1, which had only managed 1.2% annualized quarter-on-quarter growth.

The dollar lost 0.5% against the euro to $1.1729 and was 0.2% weaker versus the pound at $1.3086.

A resurgence in consumer spending accounted for the bulk of the pickup in in the second quarter, helped by a steady job market and household finances boosted by stock and home-equity gains. In addition, it revised first quarter growth down from 1.4 percent to 1.2 percent.

However, that growth rate is still well below the previous 10 expansions going back to 1949.

Driven by a surge in federal defense spending, the government expenditures grew at a rate of 0.7 percent in the second quarter, compared with a contraction of 0.6 percent in the first quarter.

Larijani calls for unity to counter USA sanctions
Security Council resolution because the technology is inherently created to be able to carry a nuclear payload. The two officials said that the Simorgh rocket likely exploded before it reached orbit.

The dollar dipped against its major peers on Friday, with a modest early bounce petering out ahead of the second quarter USA economic growth data due later in the session. President Donald Trump has set an ambitious 3.0 per cent growth target for 2017.

The Canadian dollar, which has been gaining ground since the middle of last month when speculation of a central bank rate hike started, was trading at 80.52 cents USA, up from an average price of 79.87 cents United States on Thursday.

The economy grew 1.9 percent in the first half of 2017, making it unlikely that GDP would top 2.5 percent for the full year.

Economic growth accelerated to an annual rate of 2.6% from April through June, the government said Friday. PCE's contribution to GDP picked up to 1.93 percentage points from 1.32 in Q1. Annual wage growth has struggled to rise above 2.5 percent. "After a slow 2016 and unimpressive first quarter, it is good to see signs of acceleration". Output increased 2.6%, which matched Econoday.com's consensus forecast.

The IMF believed the Trump administration is unlikely to accelerate annual US economic growth to sustained 3 percent from the newly revised 1.5 percent in 2016, "even with an ideal constellation of pro-growth policies". The increase in business investment reflected increases in all three components: structures, equipment, and intellectual property products.

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