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01 September 2017, 01:57 | Colleen Roy
The consumer, long a pillar of the economy, continued to boost growth, with household consumption rising by an annualized 4.6 percent as Canadians spent on vehicles. This gives the USA its strongest quarter since 2015.
This second estimate is much better than the first (+2.6 per cent), is higher than the expectations of analysts (2.7 per cent).
President Donald Trump's administration has set a goal of 3 percent economic growth for the year, but some economists have said that's unlikely. Increased business spending also helped lift the latest estimate above the Commerce Department's initial reading of 2.6 percent for the quarter.
The quarterly GDP increase came even though housing investments contracted at an annualized rate of 4.7 per cent during a period that saw the introduction of a new Ontario tax on foreign buyers in April.
The U.S. economy picked up steam during the second quarter, notching the fastest pace of growth in two years. There is no reason that we could not manage.
Chances of a rate hike as early as next week climbed to 37 per cent from around 20 per cent before the data, while investors see a almost 90 per cent chance of a hike by October, data from the overnight index swaps market showed.
"The Bank can clearly argue that the economy simply doesn't need rates as low as they have been to generate decent economic growth", Shenfeld said. The fastest-growing large economy, China's, grew 6.7 percent a year ago.
Besides wild cards like Hurricane Harvey's impact on the Gulf Coast, and political uncertainty about issues like tax reform and a possible increase in infrastructure spending, traders are also keeping an eye on the Federal Reserve.
Janet L. Yellen, the Fed chairwoman, and other policy-makers will also be closely watching data expected Friday morning from the Labor Department on hiring, wages and unemployment in August. A 0.5% jump in goods-producing industries drove the gain, mostly due to a 2% jump in construction.
Business investment edged higher, with companies spending more on non-residential structures, machinery and equipment.
The Canadian economy surged in the second quarter, surpassing already elevated expectations, and recorded its best 12-month run in over a decade, securing its title as the hottest performer so far in 2017 among Group of Seven countries. Some are now saying that the devastation from Hurricane Harvey could shave about a half-percentage point off growth this quarter. The home-improvement retailer said it expects a 3.5% rise in same-store sales this year. Consumer spending is up 3.3 percent revised from its previous 2.8 percent and accounted for a bulk of the growth, whereas savings went down from 3.7 from 3.9 percent.
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