Quarter Two GDP Rose 3.1%, According to Third Estimate

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The U.S. economy grew at an annual rate of 3.1 percent in the spring, the fastest pace in more than two years, the Commerce Department said Thursday. In the second estimate, the increase in real GDP was 3.0%.

Development last quarter was the quickest since the main quarter of 2015 and took after a 1.2 percent pace of development in the January-March period.

Economists had been expecting that the GDP growth for the second quarter would not be revised from its 3% rate. Promote shortcoming is expected in September after Irma hammered into Florida early this month.

Growth at an annualized pace was 2.1% in the fourth quarter of 2016.

The government's first estimate of GDP for the July-September period is due October 27.

With GDP quickening in the second quarter, the economy grew 2.1 percent in the primary portion of 2017.

On Wednesday, Trump proposed a huge overhaul to the US tax system that was the biggest seen in almost three decades.

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Trump on Wednesday proposed the biggest USA tax overhaul in three decades, including lowering the corporate income tax rate to 20 percent and implementing a new 25 percent tax rate for pass-through businesses such as partnerships to boost the economy.

In any case, the arrangement gave few subtle elements on how the tax reductions would be paid for without expanding the spending deficiency and national obligation.

Updated information showed business investment in inventory was stronger that previously believed.

The US economy is now growing at the fastest rate in two years.

Nonresidential fixed investment, a measure of corporate spending on structures and equipment, climbed at a pace of 6.7 percent in the second quarter, slightly lower than 6.9 percent previously reported.

Federal Reserve Chairwoman Janet Yellen said last week that hurricanes Harvey, Irma and Maria, which have inflicted huge damage since August to south-eastern states and the US Caribbean territory of Puerto Rico, would make a significant dent in third-quarter growth. Housing was a slightly bigger drag on growth in the last quarter than previously reported, subtracting 0.3 percentage point from output.

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