Newsroom: Industry News
The U.S. economy grew by an annualized 2.6 percent in the second quarter, according to preliminary data, with real GDP up 1.9 percent at the annual rate in the first half of 2017. Looking at the underlying data, consumer and business spending were the bright spots, with net exports also making a positive contribution for the second straight quarter. Personal consumption expenditures rose by 2.8 percent in the second quarter, boosted by increased spending for both durable and nondurable goods products. In addition, nonresidential fixed investment increased by 5.2 percent in the second quarter. Most promisingly, equipment spending soared in the latest data to its fastest pace since the third quarter of 2015, up 8.2 percent, with 4.9 percent growth in structures spending. Nonetheless, other components of gross private domestic investment were weaker than desired, including residential investment and inventories.