The US economy grew at a strong 3% during 17Q2, up from an earlier estimate of 2.6%. The improvement was the result of significantly stronger consumer spending, and this is very important, private investment! As the labor market tightens and wages rise, firms appear to be finally boosting capital expenditures significantly, which should raise labor productivity. However, economy-wide inflation remains MIA, and while 3% growth rocks, it’s not sustainable long-term.