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USA growing at fastest pace for more than two years

31 August 2017

Americans spent more on goods and services than initially thought.

The report said consumer spending on wireless phones and their associated services pushed intellectual property investment up 4.9 percent.

The nonpartisan Congressional Budget Office sees growth averaging 1.9% over the next decade, a forecast much closer to estimates made by private economists. Trump has yet to achieve a major legislative victory, although he has been aggressively rolling back regulations on businesses.

The last time the US economy had two quarters above 3% was in 2014.

So far, the political gridlock in Washington has not hurt either business or consumer confidence.

The growth is the strongest since the first quarter of 2015, when it hit 3.2 percent, but not as high as the 5.2 percent spurt in the third quarter of 2014.

Yet there is little sign of this denting business or consumer confidence as the GDP figures, added to retail sales, business spending and jobs survey data for the early part of the third quarter, painting a positive picture.

The chief driver of second-quarter strength was consumer spending. Trump had not responded to the report by late Wednesday morning.

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She says "we would like better relations, but that has something to do with the fulfillment of the principles of the rule of law". He also compared her to former German chancellor Helmut Kohl, who like Merkel, spent more than a decade in office.

"For the first time since the Great Recession ended in mid-2009, the economy is not facing any significant headwinds", Zandi said.

Economists forecast strong annual GDP - but not Trump's 3%

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Hoffman attends an annual gathering of leading economists and investors each August at Camp Kotok in Maine. That's right in line with what Obama achieved during his tenure.

Even with the expected upward revision, GDP growth is still falling short of the optimistic goals President Donald Trump hopes to achieve through tax cuts, regulatory relief and tougher enforcement of trade agreements.

The world's largest economy is expected to grow strongly in the current quarter.

Still, the economy remains a bright spot for the president, who is suffering from low approval ratings and a barrage of criticism after his comments on the deadly white nationalist rally in Charlottesville.

Experts warned, however, that the drag on growth from Hurricane Harvey was likely to be substantial, given the extent of the damage wrought by rains and flooding. USA stocks rose. Emergency crews are still working to get everyone to safety.

The U.S. economy expanded at a quicker clip in the second quarter than originally reported, MarketWatch writes.

USA growing at fastest pace for more than two years