Here comes GDP ...
In the second estimate released August 30, the economy grew by 3%, topping economists' forecasts.
The boost to growth came from stronger-than-expected consumer spending, which is usually the biggest contributor to GDP. Personal consumption growth was revised up to 3.3% from 2.8%. It was led by spending on housing, utilities, prescription drugs, and cellphone services.
The 3% growth rate is in line with President Donald Trump's stated target for the economy. However, that pace would need to be sustained or surpassed in the third and fourth quarters for there to be 3% growth on an annual basis.
Economists are looking ahead to the first estimate of third-quarter GDP, to be released on October 27, for any impact of the Hurricanes that recently slammed the south-east coast of the US mainland. They anticipate a dip in Q3 that should be made up in the fourth and first quarters as the states that were affected repair the damage.