US economy accelerates

By Boh Burima
Updated June 6 2017 - 9:56am, first published 9:38am

The Bureau of Economic Analysis of the US Department of Commerce has revised up the estimate of first quarter GDP from 0.7 per cent to 1.2 per cent. The statement accompanying the release tells us that faster growth was because of stronger non-residential fixed investment, stronger exports, stronger residential investment and better personal consumption expenditure. We think that US non-residential construction was the strongest sector for growth for the first quarter. The first quarter saw a dramatic recovery in construction in the mining and petroleum sector. This means that we saw more investment in oil and gas drilling as well as investment in infrastructure such as pipelines.

Get the latest QLD news in your inbox

Sign up for our newsletter to stay up to date.

We care about the protection of your data. Read our Privacy Policy.