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Second Quarter GDP Forecast to 4.8% Winston Rowe & Associates
The United States economy is growing at a record pace not seen since the 1950's
By: Winston Rowe & Associates
The forecast has been climbing higher following the release of a series of good economic data. On May 25, the measure foresaw four percent GDP growth.
This rose to 4.7 percent Thursday and ticked even higher on Friday following the better than expected jobs report for May.
The Fed forecasts a big boost in private sector fixed investment, which includes capital investment in machinery, land, buildings, vehicles, and technology.
Earlier, the Fed saw this growing at 4.6 percent. But following the release Friday of a construction spending report from the U.S. Census Bureau and the Manufacturing ISM Report On Business from the Institute for Supply Management, this was upgraded to 5.4 percent growth.
Consumer spending is expected to grow at a 4.6 percent rate, up from 3.4 percent prior to the Friday data releases.
Winston Rowe & Associates http://www.winstonrowe.com