US Economy Performed well in the Second Quarter with 3.9% growth in GDP
In the second quarter, the US economy performed well and the results were better than what the analysts had estimated. The main reason behind the good results was strong consumer spending.
As the GDP data is strong, it makes the case stronger for a hike in the interest rates which is a decision to be taken by the Federal Reserve. In the quarter spanning over April to June, the U.S. GDP grew at 3.9 percent.
The data from the Commerce Department signals at increased spending in the construction and retail sector and that has surely helped the U.S. economy.
A survey conducted recently by University of Michigan reported however revealed consumer sentiment that touched a yearly low in September. The earlier data for the second quarter GDP noted 3.7 percent after it has been revised up wards for the second time.
Jason Furman, chairman of the White House Council of Economic Advisers said, "Real GDP growth in the second quarter was revised up for a second time, as consumers spent more and businesses invested more than previously estimated."
Many of the Fed officials and experts have signaled in the past that an interest rate hike may be on the cards. However, the Real estate sector is somewhat concerned that the rate hike might affect the demand. In the recent months the sector has been performing very well with a rise in demand for housing and prices spiraling up.
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