US: Real GDP increased at an annual rate of 3.0% in second quarter of 2017

"Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2017 according to the "second" estimate," the Bureau of Economic Analysis announced on Wednesday.

Key quotes:

• In the first quarter, real GDP increased 1.2 percent. In the advance estimate, the increase in real GDP was 2.6 percent.
• With this second estimate for the second quarter, the general picture of economic growth remains the same; increases in personal consumption expenditures (PCE) and in nonresidential fixed investment were larger than previously estimated.
• These increases were partly offset by a larger decrease in state and local government spending.
• Real gross domestic income (GDI) increased 2.9 percent in the second quarter, compared with an increase of 2.7 percent (revised) in the first.
• The increase in real GDP in the second quarter reflected positive contributions from PCE, nonresidential fixed investment, exports, federal government spending, and private inventory investment