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Sunday, October 23, 2016

U.S. Economy Grew 2.5 Percent In Second Quarter

U.S. Economy Grew 2.5 Percent In Second Quarter

Washington (AFP) – The U.S. economy grew at an annual rate of 2.5 percent in the second quarter, the Commerce Department said Thursday, leaving its prior estimate unchanged.

Analysts had expected that second-quarter gross domestic product (GDP) expanded at a slightly stronger 2.6 percent pace.

The world’s largest economy grew 1.1 percent in the first quarter.

“With the third estimate for the second quarter, the general picture of economic growth remains largely the same,” the Commerce Department said.

Revisions offset each other in the data, leaving last month’s estimate unchanged.

Inventory investment was lower than previously estimated, amid weaker spending by food and beverage stores and information industries.

Exports of goods and services also were revised lower.

But state and local government spending was revised upward, particularly in investment in structures.

Overall, the pace of economic growth in the April-June period was lackluster and well below the momentum needed to boost job growth.

Analysts expect that growth slowed sharply in the current third quarter that ends Monday.

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