U.S. economic growth hits 3%

While the tragedy known as hurricane "Harvey" unfolds in the Gulf coast of the United States, on much less critically urgent (but still important) news, today the government reported that GDP increased at a better-than-expected 3% annual rate in the second quarter:

http://money.cnn.com/2017/08/30/news/economy/gdp-second-quarter-economy-3-percent/index.html

"Economic growth hit 3%, according to revised estimates released by the government on Wednesday. 

That's the strongest growth since the first quarter of 2015. It's more than double the pace of the first three months of 2017 and better than original estimates for the second quarter. The government initially pegged second-quarter growth at 2.6% in July.

The economic momentum was driven by stronger consumer spending and healthier business investment."

As noted in the last paragraph of the excerpt (linked above), there's strong agreement (from the news reports I've read) that strong consumer spending activity is driving the economic momentum:
https://www.nytimes.com/2017/08/30/business/economy/gdp.html?mcubz=1

"The improvement was driven in large part by strong consumer activity, with purchases of durable goods like automobiles and appliances rising strongly. Increased business spending also helped lift the latest estimate above Commerce Department’s initial reading of 2.6 percent for the quarter.

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Most economists are expecting the economy to expand at a rate of roughly 3 percent in the second half of 2017. That pace should be strong enough to keep job growth and wages on track for further gains, while keeping the threat of inflation modest for now.

Besides wild cards like Hurricane Harvey’s impact on a broad swath of the Gulf Coast, and political uncertainty about issues like tax reform and a possible increase in infrastructure spending, traders are also keeping an eye on the Federal Reserve."

Now, we all know Trump will probably take credit for the increase in GDP (with a tweet, most likely). However, economic reality is never that easy (as the NYTimes explains):

"It will take more than one quarter’s data for the White House or congressional Republicans to be able to claim credit for lifting the economy’s growth trajectory. Under President Barack Obama in 2013 and 2014, quarterly growth occasionally exceeded 3 percent. But, in contrast to what happened during recoveries in the 1990s and mid-2000s, annual growth never passed that threshold."

Also, Warren Buffett (of all people) gives voice to the workers who've not yet felt the benefits of an improving economy (since there've been no further wage gains) :

"Warren Buffett: This doesn't feel like a 3% GDP economy"

https://www.cnbc.com/2017/08/30/warren-buffett-this-doesnt-feel-like-a-3-percent-gdp-economy.html

"The government reported on Wednesday that GDP increased at a better-than-expected 3.0 percent annual rate in the second quarter. The upward revision from the 2.6 percent pace reported last month reflected robust consumer spending as well as strong business investment. Economists had expected a 2.7 percent advance.

"I would guess we're in a 2 percent growth economy now," Buffett said in interviews on "Squawk Alley" and "Squawk on the Street." "Every now and then we think it's accelerating. And every now and then that maybe there's a double dip or something. It just seems to be a couple of percent."

"If we have 2 percent for a generation, 25 years, you would have a $19,000 GDP gain per person in the United States," added the chairman and CEO of Berkshire Hathaway."

"$19,000" GDP gain per person". Let's do hope the economy keeps improving because (as mentioned before) right now increased GDP is not translating into higher wages for all workers.