In another move from the Bureau of Economic Analysis (BEA), the group has revised its estimate for the Q1 real gross domestic product (GDP).
According to HousingWire, the bureau revised its estimate higher, increasing it to an annual rate of 1.2 percent in the first quarter of 2017.
The original estimate from the BEA showed the GDP had increased 0.7 percent.
The BEA noted that while it revised its estimate, the general outlook for economic growth remained the same.
“Increases in nonresidential fixed investment and in personal consumption expenditures were larger and the decrease in state and local government spending was smaller than previously estimated. These revisions were partly offset by a larger decrease in private inventory investment,” said the report.
The report also cited that U.S. economic growth slowed less sharply in the first quarter than initially thought, and that the weakness was likely an aberration amid a strong labor market that is near full employment.
“The sluggish first-quarter growth pace is, however, probably not a true reflection of the economy’s health,” said CNBC in commentary on the revision.
“GDP for the first three months of the year tends to underperform because of difficulties with the calculation of data that the government has acknowledged and is working to resolve.”
The Trump Effect?
As the Daily Business News covered in a featured story recently, President Trump continues to make progress for American businesses and jobs, including the lowest unemployment rate in decades.
He enjoys the highest consumer, business confidence, and homebuilder confidence numbers in years.
Along with over $160 billion in ‘immediate’ federal and private business deals with Saudi Arabia, and some $300 billion more planned over the next decade, what ELS Chairman Sam Zell colorfully called a “cacophony” of Deep State resistance has moved into high gear. With a number of politicians, aided by a machine of media allies sets its sights on everything from dismantling his administration to outright calls for impeachment, President Trump continues to stand strong on his America First policies.
“It’s SABOTAGE,” said President Trump in a White House press release to MHProNews.
“The fake news media is working hand-in-hand with Washington’s corrupt bureaucracy to try to slow and block our America First Agenda.”
“The special interests know they can only win when you, the American people, lose,” Trump continued. “But we’re fighting to break the special interest stranglehold around our country that has silenced our citizens, stripped our nation of its wealth, and bled America dry.”
The Manufactured Housing Industry Speaks
With President Trump’s election in November, many in the manufactured housing industry saw tremendous value in a pro business, pro growth administration stepping into place.
“I don’t care whether you are a liberal, conservative, independent or something else – the bottom line with this year’s election was simply more of the same or something new, different or unique,” said Tim Connor, CSP.
“With a personal background in business, rather than government, Mr. Trump – during the just-ended campaign – has been a consistent critic of innovation-stifling and job-killing overregulation and regulators who ignore or rationalize the far-reaching negative impacts of such regulations on the health of the economy, smaller businesses and consumers….” Said MHARR President & CEO Mark Weiss, JD.
For more on President Trump’s progress, and challenges, click here. ##
(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)
Submitted by RC Williams to the Daily Business News for MHProNews.
(Copyright Notice: This and all content on MHProNews and MHLivingNews always have been and are Copyrighted, © 2017 by MHProNews.com a dba of LifeStyle Factory Homes, LLC – All Rights Reserved. No duplication is permitted without specific written permission. Headlines with link-backs are of course ok. A short-quoted clip, with proper attribution and link back to the specific article are also ok – but you must send a notice to iReportMHNewsTips@mhmsm.com of the exact page you’ve placed/posted such a use, once posted.)