Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
The U.S. economy grew as expected in the second quarter, according to a reading Thursday that confirmed that gross domestic product rose at its quickest rate in nearly four years.
GDP, the broadest measure of how the economy is progressing, increased 4.2 percent, the Commerce Department's Bureau of Economic Analysis reported, the same as expected from economists surveyed by Thomson Reuters. It was the fastest pace since the third quarter of 2014.
This was the final reading for the quarter and now sets the stage for Q3 and what is expected to be a year that will show growth better than 3 percent, which the Trump administration has set as its goal.
GDP increased at a 2.2 percent pace in the first quarter. The Atlanta Fed is forecasting a 4.4 percent acceleration in the third quarter, though CNBC's Rapid Update survey of economists sees a less robust but still strong reading of 3.3 percent.
Economists see growth slowing in the current quarter due to a drag from trade brought about by the tariff battles between the U.S. and China. The drag could be a full percentage point after trade added 1.2 percentage points in the second quarter due to a rush in soybean purchases ahead of the tariffs.
An indicator of what's ahead in the third quarter came at the same time Thursday, with U.S. durable goods orders in August jumping 4.5 percent against expectations of just 2 percent. Durables rose 8.6 percent in the second quarter after a 2 percent decline in the earlier three-month period. However, most of the jump came in aircraft orders. Underlying orders were not nearly as robust.
The GDP reading comes as the economy seems to be firing on nearly all cylinders, with a sluggish housing sector being the lone exception. Consumer confidence recently hit an 18-year high, small business optimism is also around record highs and corporate profit increases have been running at 25 percent this year.
Citing a stronger economy, the Federal Reserve on Wednesday approved another quarter-point hike in its benchmark interest rate.
Second-quarter growth was fueled by higher spending in both the public and private sectors as well as business investment. Imports fell while exports were higher. The gains were partially offset by a decline in private inventory investment.
WATCH: What is GDP?