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U.S. Economic Growth Slows to 2.1%
The American economy expanded by 2.1% in the second quarter of 2019, down from 3.1% in the first quarter and 3.5% in the same quarter last year, the U.S. Dept. of Commerce says.
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The American economy expanded by 2.1% in the second quarter of 2019, down from 3.1% in the first quarter and 3.5% in the same quarter last year, according to a first estimate by the U.S. Dept. of Commerce.
The initial calculation, which is based on incomplete data, attributes the slower growth to shrinkage in exports, inventory investment and business fixed asset investments, according to the department’s Bureau of Economic Analysis. It says those factors offset gains in consumer and government spending.
The bureau’s price index for gross domestic purchases jumped to 2.2% in the second quarter from 0.8% in January-March. When volatile energy and food prices are ignored for both periods, the index advanced to 1.8% from 1.1%.
Real disposable personal income rose 2.5% in April-June compared with 4.4% in this year’s first quarter, according to the advanced estimate.
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