Canadian Confidence Hits 10-Year High As Economy Blows Past Expectations

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The revisions indicate greater momentum going into the second half of 2017, as well as showing that growth in GDP - the value of all goods and services produced - may be broadening beyond household spending.

The rate surpassed analyst expectations, which called for an increase of 2.7 per cent. The Feds found that "F$3 ixed nonresidential investment rose at a 6.9% pace last quarter, up from an initial estimate of 5.2%, including stronger spending on software".

"It is the best quarter since the first quarter of 2015", said Mickey Levy, at Berenberg.

Trump promised 4% growth on the campaign trail, but his administration has since set a goal of 3%.

The U.S. economy picked up steam during the second quarter, notching the fastest pace of growth in two years. In addition, the u.s. president still has not managed to enact a law in the economic field, due to political deadlock in Congress.

That's an annualized rate of expansion of 4.5 per cent, the highest the figure has been since the third quarter of 2011.

That was ahead of both the 3.7% that economists were expecting and the 3% that was anticipated by the Bank of Canada. "And while it was once again consumers in the driver's seat, another strong quarter of income growth meant that households were able to increase their savings rate a touch while still keeping their wallets open". And if that growth is better than expected led to a feeling more positive, economists at RDQ Economics, and maintain their estimate of potential growth " well below 2 % ".

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Overall, growth during the current expansion has averaged a little over 2% a year.

In an economic news report, National Bank senior economist Krishen Rangasamy says the economy grew a stunning 4% annualized in the first half of the year.

Figures released Thursday morning by Statistics Canada showed this country's gross domestic product grew by 1.1% between March and June, an improvement from the 0.9% growth seen in the previous three-month period. "That's some numbers. And I happen to be one that thinks we can go much higher than three percent".

The result, which comes after robust growth in the first quarter, marks Canada's fastest growth in the first six months of a calendar year since 2002.

The economists expect that the hurricane Harvey, which is now hitting Texas and Louisiana, weighs in on the economic growth.

The quarterly GDP growth rate was above 3% eight times during President Barack Obama's eight years in office.

Canadian government bond prices were mostly lower across the yield curve, with the two-year price down 7 Canadian cents to yield 1.275 per cent and the 10-year falling 13 Canadian cents to yield 1.851 per cent. The GDP report sent it all the way to 1.2575.

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