U.S. economy rebounds to 2.6% growth in Q2

US GDP Sets Stage For US Dollar Test Multiple Pairs Approach 200-WMA

At the same time, the growth estimate from the first quarter was revised downward, to a sluggish 1.2 percent, meaning growth more than doubled from one quarter to the next.

"The strength in the loonie gives reason for pause from the Bank of Canada and weak inflation numbers give them the room to be patient", said Nick Exarhos, economist at CIBC.

Growth in the previous quarter was even worse than previously thought: the BEA revised it to an increase of only 1.2 per cent, down from 1.4 per cent on the previous reading.

Growth was held back by the housing market, though.

Canada's economy is roaring ahead, and at a much faster pace than anyone had expected.

A shrinking trade deficit added a modest 0.2% to growth as exports rose while imports, which subtract from the GDP, grew at a slower pace.

US Hits Iran with More Sanctions in Response to Space Launch
The resolution states Iran is merely "called upon" not to conduct such rocket and missile tests. Iranian official sources state that the rocket has reached orbit.

Trump replaces chief of staff Reince Priebus after six-month run
Mr Kelly is now the secretary of homeland security and Mr Trump tweeted that he "has been a true star of my administration". Priebus has had an open feud with new White House Communications Director Anthony Scarmucci and opposed his appointment.

Social media reacts to Bieber's vehicle crash
Justin is said to have remained at the scene until the police and paramedics arrived and carried out their investigations. Footage obtained by TMZ shows Bieber's truck running into the man as the singer slowly pulled away from the church.

In May President Trump put forward a budget for next year that projects growth to steadily advance in the coming years, hitting a sustained pace of 3 percent annually by 2021.

The Canadian dollar, which has been gaining ground since the middle of last month when speculation of a central bank rate hike started, was trading at 80.52 cents USA, up from an average price of 79.87 cents United States on Thursday.

"The result each year has been a return to what some economists call the "new normal" of plodding annual growth of about 2%, dragged down by slow increases in worker productivity". It's a positive sign that Americans are opening up their wallets, especially since consumer spending makes up about 70 percent of the economy.

The report could bolster expectations for another interest rate hike from the Bank of Canada, which earlier this month raised rates for the first time in almost seven years.

"The economy is moving along at a pace that's unexciting but not worrisome", said Michael Feroli, chief US economist at JPMorgan Chase in NY. Annual wage growth has struggled to rise above 2.5 percent. And it was 1.5 percent in 2016, the only year to see a small reduction from the previous estimate of 1.6 percent. Non-residential fixed investment's contribution ticked down to 0.64 percentage points from 0.86 in Q1. Economists polled by MarketWatch had forecast a 2.8% increase. Business investment in equipment rose 8.2%, while outlays on structures advanced 4.9%.

Related news:

Hot News

isis-killer-beheading-video-story-top Flash flood watch issued for Jefferson, St. Clair and Blount counties
Jul 29, 2017 - 00:43
Thunderstorms could cause locally higher rainfall amounts.* Heavy rainfall may result in rapid rises in streams and creeks. A flash flood warning has also been extended through Tuesday evening in the Las Vegas Valley and surrounding areas.

isis-killer-beheading-video-story-top Plane crashes into highway in United States , killing 4
Jul 28, 2017 - 00:34
In the moments afterward, calls between other pilots and the air traffic controllers described the crash. The crash closed most of Interstate 15 for more than eight hours, according to the Utah Highway Patrol .

isis-killer-beheading-video-story-top Martellus Bennett slept on floor next to Packers locker Tuesday night
Jul 28, 2017 - 00:33
Bennett said sleeping on the floor doesn't bother him too much, but he did say he was anxious about one thing: Ghosts. The older National Football League players get, the more training camp becomes a burden.

isis-killer-beheading-video-story-top High Schoolers Football Head Trauma
Jul 28, 2017 - 00:31
Other published studies list suicide as a clinical feature of the disease, but McKee said more research needs to be done before a correlation is established.

isis-killer-beheading-video-story-top Charges filed against Obduila Sanchez in connection with fatal crash
Jul 28, 2017 - 00:30
Another 14-year-old passenger, identified as Fresno resident Manuela Ceja, suffered major lacerations to her left leg. Her sister Jacqueline Sanchez , 14, was killed in the crash and another 14-year-old, of Fresno, was seriously injured.

WhatsApp now has 1 billion daily active users
Jul 28, 2017 - 00:29
All these users are actively exchanging about 55 billion messages per day, which is yet another huge number. Not just that, WhatsApp has also reported that the service has over a billion monthly active users.

isis-killer-beheading-video-story-top United Kingdom hospital regrets protracted dispute over Charlie Gard treatment
Jul 28, 2017 - 00:29
President Donald Trump and Pope Francis and also garnered widespread grassroots support. In Britain, courts make right-to-life decisions, not patients or families.

isis-killer-beheading-video-story-top United States scientists correct DNA in lab-grown human embryos
Jul 28, 2017 - 00:28
Up until now, reports about human-related gene editing usually come from outside the U.S. China, in particular, hasn't been holding back when it comes to CRISPR experimentation.

isis-killer-beheading-video-story-top Kim Kardashian and Kanye West's Surrogate Pregnant, Baby Due in January
Jul 27, 2017 - 18:30
The woman is not allowed to drink or smoke, she can't handle cat litter, take dips in tubs or saunas and cannot eat raw fish. Kim had a number of health problems during her first two pregnancies, including preeclampsia and placenta accreta .

isis-killer-beheading-video-story-top Republican lawmakers back Sessions as Trump steps up attacks
Jul 27, 2017 - 18:29
Pointing to Sessions' February 2016 endorsement, Trump told the Journal it was "not like a great loyal thing". He added, "The most conservative Republican senators I have spoken to in private are disgusted by this".

isis-killer-beheading-video-story-top Will Eduardo Nunez Get A Fantasy Boost In Boston?
Jul 27, 2017 - 18:28
This is of course a huge revelation for A.L. only leagues. "I didn't make good pitches once they got runners on", Taillon said. That being said, I'm glad the Sox pulled the trigger and I hope they keep him at third for better or worse at this point.

isis-killer-beheading-video-story-top North Korea could launch nuclear-capable missile by next year
Jul 27, 2017 - 18:28
Therefore, Liu said, the specific measures in a new resolution need to be measured against achieving those three objectives. The nature of these military exercises goes beyond securing a border, and they mimic fighting a nuclear-armed adversary.

isis-killer-beheading-video-story-top Hillary Book Doubles-Down on Russia, Comey Excuses for Loss
Jul 27, 2017 - 18:24
In March, the former senator and secretary of state accepted an award for her work advocating for women. Parnes notes that the former top diplomat won't entirely blame her loss on Comey and Putin.

isis-killer-beheading-video-story-top Samsung Electronics' record earnings see it overtake Apple
Jul 27, 2017 - 18:23
Samsung Electronics' semiconductor business is expected to report 71.9 trillion won ($62.6 billion) in full-year revenues. The company released its financials for Q2 today and the company earned $54.8 billion total with $12.6 billion in profit.

Microsoft Paint Will Now Live on As a Free Download
Jul 26, 2017 - 01:09
Paint may be standard when it comes to quick, simple sketches, but it has been far outpaced by other options. Microsoft Paint is here to stay, stated the multinational technology company on Monday.