Report | Economic insight for September 8, 2017
Despite home headwinds, the economy continues to weather risks and perform well. GDP growth during the second quarter was revised upward from 2.6 percent to 3 percent due to stronger consumer spending and corporate investment. We expect this momentum to carry into the third quarter. This mirrors the pattern during most of the recovery with growth starting the year slowly and accelerating in the middle quarters of the years. The labor market continues to perform well despite continued tightness. Wage growth has yet to materialize, but that is in line with our expectations. Finally, while the full impacts of Hurricane Harvey will not be known for some time, it is likely that growth during the third quarter will be impacted by up to 50 basis points. Gasoline prices have already spiked due to refining capacity coming offline.
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