{"id":77512,"date":"2015-08-28T02:32:45","date_gmt":"2015-08-28T06:32:45","guid":{"rendered":"http:\/\/countingpips.com\/?p=77512"},"modified":"2015-08-28T07:33:00","modified_gmt":"2015-08-28T11:33:00","slug":"u-s-economy-grew-faster-than-initial-estimate-q2-gdp-revised-much-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/08\/u-s-economy-grew-faster-than-initial-estimate-q2-gdp-revised-much-higher\/","title":{"rendered":"U.S. economy grew faster than initial estimate, Q2 GDP revised much higher"},"content":{"rendered":"
August 28, 2015<\/div>
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Article by ForexTime<\/a><\/p>\n

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 for the April-June period.<\/p>\n

The fact that the U.S. economy grew faster than initially thought in the second quarter could still allow the Federal Reserve to hike interest rates this year.<\/p>\n

The data come after concerns earlier this week over slowing economic growth in China sent global equity markets into a tailspin last week, raising doubts that the U.S. central bank would raise its short-term interest rate next month. Markets have since recouped some of the huge losses.<\/p>\n

On Wednesday, New York Fed President William Dudley said that prospects of a September lift-off in the central bank\u2019s key lending rate \u201cseems less compelling to me than it was a few weeks ago.\u201d<\/p>\n

U.S. stocks rose sharply on the GDP data, a day after posting their biggest one-day gain in four years. Prices for U.S. government debt fell, while the dollar firmed against a basket of currencies.<\/p>

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\u201cThe Fed could certainly hold off until later this year, citing the recent market turmoil, but the economic fundamentals would also justify a small September rate increase,\u201d said Stuart Hoffman, chief economist at PNC Financial Services in Pittsburgh.<\/p>\n

The upward revisions to second-quarter GDP 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.<\/p>\n

The U.S. dollar benefited from upbeat the U.S. GDP data which helped the dollar index rise near one-week highs of 96.031 set on Thursday.<\/p>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime 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 for the April-June period. The fact that the U.S. economy grew faster than initially thought in the second quarter could still allow […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-77512","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/77512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=77512"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/77512\/revisions"}],"predecessor-version":[{"id":77525,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/77512\/revisions\/77525"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=77512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=77512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=77512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}