United States gross domestic product increased 3.1 percent in the second quarter of 2017, according to the “third” estimate from the Department of Commerce, up from the second estimate of 3 percent and first estimate of 2.6 percent.
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U.S. GDP grew 3.1 percent during the second quarter of 2017, according to the “third” estimate from the Department of Commerce.
United States gross domestic product (GDP) – the broadest measure of a nation’s overall economic health – grew at an annual rate of 3.1 percent in the second quarter of 2017, according to the “third” estimate released by the Bureau of Economic Analysis, up from the second and first estimates of 3 percent and 2.6 percent, respectively.
GDP is a calculation of the value of the goods and services produced by a nation’s economy minus the value of the goods and services used up in production.
Economists had expected that the second-quarter GDP growth rate would be unrevised at 3.0 percent, Reuters reported.
In the first quarter, GDP increased 1.2 percent.
Meanwhile, the U.S. Census Bureau revealed that new orders for manufactured durable goods in August increased $3.9 billion, or 1.7 percent, to $232.8 billion, following a 6.8 percent July decrease.