United States quarterly economic growth revised higher

An auto carrier driver unloads a new Ram pickup truck in Gaithersburg Maryland

We expect Harvey to slow GDP growth by anywhere between 0.1 and 0.4 percentage points, with Q3 growth likely to come in in the 2.5% to 3.0% range given current tracking.

Increases in consumer spending and business investment powered almost all of the revision issued on Wednesday.

While the consensus view was for a slight upward boost to GDP, some private economists were even more optimistic, forecasting growth would climb to around 3 percent with Wednesday's revised figure.

Real gross domestic income (GDI) growth for the second quarter came in at 2.9%.

The second quarter growth in 2017 of 3 percent, which includes performance from April, May, and July, more than double the 1.2 percent growth seen in the first quarter of 2017. For all of last year, the United States saw growth of 1.6%, the weakest calendar year since 2011.

The saving rate also slipped to 3.7% from 3.9% in the first quarter. Government spending fell at a 0.3 per cent rate, dragging down growth by 0.05 percentage point.

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During last year's presidential campaign, Trump repeatedly attacked the Obama administration's economic record. However, analysts believe the pace of growth will bounce back once the rebuilding begins and oil refineries get back to full production, bringing down prices.

"Underlying domestic demand in the economy is consistent with near three percent growth but the supply-side of the economy is not capable of delivering such a pace of growth at this point", said John Ryding, chief economist at RDQ Economics in NY.

The Bureau of Economic Analysis (BEA) said consumers spent more than previously estimated on items such as housing and utilities, while businesses invested in categories such as equipment and intellectual property.

If Trump's program remains deadlocked in Congress, Zandi said he will trim his GDP forecast for next year to 2.4 percent, still an improvement over the past three years, reflecting improved conditions around the world.

"The impact on the national economy will be minor", said Gus Faucher, chief economist at PNC Financial Services in Pittsburgh.

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