US economy grew 3% in Q2: Commerce Dept

THE US economy grew at its fastest pace in more than two years in the second quarter, much faster than initially estimated, official data showed yesterday.

Hitting the White House growth target for the first time in Donald Trump’s presidency, gross domestic product increased 3 percent in the April-June period, the Commerce Department reported.

The figure was revised up by an unusually large four tenths from the growth estimate published last month, due to higher consumer spending and business investment than in the initial report.

The rate surpassed analyst expectations, which called for an increase of 2.7 percent.

But growth in the first half of the year was just 2.1 percent, still below the 2.2 percent average recorded over the last three years.

The Trump administration has pledged to return the world’s largest economy to sustained annual growth of three percent or more by slashing taxes and regulations while boosting trade.

Economists have said this may be unrealistic and Trump’s growth agenda remains stalled in Congress.

Trump hit the road yesterday on a tour to sell tax reform to everyday Americans and lawmakers, but this campaign pledge is still very short on details.

Trump will visit Springfield, Missouri a day after touring hurricane-ravaged southeastern Texas.

Trump has alienated members of his own party, who face bruising battles next month over borrowing authority, adopting a budget and approving reconstruction aid for areas battered by Hurricane Harvey.