Aug. 30 (UPI) — The U.S. gross domestic product for the second quarter was revised upward, showing strong economic growth, U.S. Commerce Department data showed Wednesday.
Annual estimated growth was 3 percent, up from a 2.7 percent estimate in the first quarter and higher than the expected second-quarter gain of 2.6 percent. The largest sector of the economy, consumer spending, grew 3.3 percent, the highest reading in five quarters and higher than the expected increase of 2.8 percent.
The report said consumer spending on wireless phones and their associated services pushed intellectual property investment up 4.9 percent. Expenses on structures and equipment were also revised upward, indicating a strong demand for U.S. products and services.
Additionally, private payrolls increased by 237,000 in August, largely through gains in the manufacturing and construction industries, CNBC reported on Wednesday.
The increase is in line with the long-term goal, frequently mentioned by President Donald Trump, of 3 percent annual growth, but it is not expected to last, Bloomberg News reported Wednesday. The economic residue from Hurricane Harvey, which has devastated east Texas and slowed its oil refinery capabilities, may impact third-quarter figures.