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U.S. 2nd Q GDP revised up 3.7%


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http://www.reuters.com/article/2015/08/27/us-usa-economy-idUSKCN0QW1IF20150827

The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year.

Gross domestic product expanded at a 3.7 percent annual pace instead of the 2.3 percent rate reported last month, the Commerce Department said on Thursday in its second GDP estimate.

The GDP report, which was released in the wake of a global stock market sell-off, should assure investors and cautious Fed officials that the United States was in good shape to weather the growing strains in the world economy.

The upward revisions to second-quarter growth also reflected the accumulation of $121.1 billion worth of inventories, $11.1 billion more than previously estimated. That meant inventories contributed 0.22 percentage point to GDP instead of subtracting 0.08 percentage point as reported last month.

Underscoring the solid economic fundamentals, a measure of private domestic demand that excludes trade, inventories and government expenditures increased at a 3.3 percent rate in the second quarter, instead of the previously reported 2.5 percent pace.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a 3.1 percent rate, rather than the 2.9 percent pace reported last month. Consumer spending got off a to brisk start in the third quarter, with retail sales rising solidly in July.

A strong labor market, cheaper gasoline and relatively higher house prices are boosting household wealth, helping to support consumer spending.

The employment picture was further brightened on Thursday by a separate report from the Labor Department showing initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 271,000 for the week ended Aug. 22.

It was the 25th straight week that claims remained below the 300,000 threshold, which is usually associated with a strengthening labor market.


Edited by trottigy
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Domestic growth seems to be the driver of the U.S. economy right now. So, China's issues should only have a limited impact.

 

That is what my financial advisory told me last week. He felt the U.S. fundamentals were strong enough to weather the storm quickly.

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And this is why knee jerk reactions of selling your stocks at every little shock is bad investing.

 

When I was younger I use to drive like an idiot, I would get on the freeway and speed, change lanes, brake hard and take off fast. Now that I'm older I like to pick a lane, set the cruise control and watch the idiots around me. 

 

I found that a lot of times the guys that brake hard, take off fast and cut lanes will usually end up next to you when you reach your exit. Sometimes they are in front of you, sometimes behind you, sometimes they get in an accident, sometimes they get pulled over, sometimes they break down.

 

I like driving in my lane, no tickets, no accidents, no stress.

 

My investing strategy use to be like my old driving habits, now it's like my new driving habits. My portfolio is stuck in a little traffic right now due to accident on the financial freeway but once traffic clears up I'll be able to get moving again. I'll still get to my destination.

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When I was younger I use to drive like an idiot, I would get on the freeway and speed, change lanes, brake hard and take off fast. Now that I'm older I like to pick a lane, set the cruise control and watch the idiots around me. 

 

I found that a lot of times the guys that brake hard, take off fast and cut lanes will usually end up next to you when you reach your exit. Sometimes they are in front of you, sometimes behind you, sometimes they get in an accident, sometimes they get pulled over, sometimes they break down.

 

I like driving in my lane, no tickets, no accidents, no stress.

 

My investing strategy use to be like my old driving habits, now it's like my new driving habits. My portfolio is stuck in a little traffic right now due to accident on the financial freeway but once traffic clears up I'll be able to get moving again. I'll still get to my destination.

As long as your lane isn't the far left lane.  :)

I agree with you philosophy of driving, though I often change lanes because of slower cars pulling in to my lane. I don't choose the lane, but choose the my own speed, I try to not use the brakes or the gas peddle. 

Something I notice is that most drivers do not seem to have a chosen speed, but speed up and slow down with no apparent reason. This is very obvious when using cruise control. Onn the interstate this will often mean them passing me and then my passing them, five or six times in 20 miles. 

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