US GDP Up 1.7% Shattering Economists Predictions
Aug. 01, 2013 - HONG KONG -- On Wednesday the US Commerce Department released its highly anticipated report on GDP, stating that in the second quarter the US economy grew 1.7% driven by an increase of 1.8% in consumer spending and 9% in business investment. New home construction was another important driver of growth, with investment rising 13.4%, the fourth consecutive increase. This gain beat expectations of a 1% gain in growth. Analysts at The Woo Group interrupt this as meaning growth is stable but moderate at this point in the year. They also believe that this report implies that growth will accelerate in the second half of the year, citing gains in business investment, global economic recovery and improving consumer spending.
Published Wednesday, August 28, 2013 by Woo Group
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