Friday, July 26, 2019

Second Quarter GDP Report

Growth decelerated in the second quarter as tariffs and a global slowdown weighed on the U.S. economy, the Commerce Department reported this morning. GDP increased by 2.1 percent in the quarter, down from 3.1 percent in the first quarter.

The biggest factors driving growth last quarter: Personal consumption expenditures rose 4.3 percent, the strongest performance since the fourth quarter of 2017. Government consumption expenditures and gross investment rose 5 percent, the fastest pace since the second quarter of 2009. At the same time, gross private domestic investment tumbled 5.5 percent, the worst since the fourth quarter of 2015.

This morning's report also featured revisions for the past five years. Updated government figures show that GDP expanded 2.5 percent on a fourth-quarter-over-fourth-quarter basis last year, down from the previous estimate of 3 percent .

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