Friday, July 28, 2017

Second Quarter GDP

U.S. economic growth picked up in the second quarter of the year, according to the report released by the Commerce Department this morning. Gross domestic product rose at a 2.6 percent annual rate in the April to June period. The second-quarter advance is a welcome rebound after a lackluster start to the year, when GDP grew at only 1.2 percent.

Consumer spending, the main engine of the economy, led the way with a 2.8 percent increase. Business investment in equipment rose 8.2 percent, while outlays on structures advanced 4.9 percent.

There were a couple of disappointing areas: The value of inventories fell slightly, to mark their second quarterly decline in a row. Investment in new housing also sank 6.8 percent. Exports rose 4.1 percent while imports edged up just 2.1 percent.

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