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U.S. Economy Expanded 1.1% in Second Quarter
Real gross domestic product in the U.S. grew by a downwardly revised 1.1% in the second quarter of 2016, according to the Dept. of Commerce’s Bureau of Economic Analysis.
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Real gross domestic product in the U.S. grew by a downwardly revised 1.1% in the second quarter of 2016, according to the Dept. of Commerce’s Bureau of Economic Analysis.
The bureau initially estimated annualized GDP growth for the period at 1.2%. Real GDP advanced 0.8% in the first quarter.
The downward adjustment reflects less spending by state and local governments, lower inventory investment and more imports. These factors offset upward adjustments in consumer spending and nonresidential fixed investment.
BEA says the consumer price index increased 2.0% in the second quarter compared to 0.3% in the first quarter. When volatile food and energy prices are excluded, the index grew 1.8% in April-June compared with 2.1% in the previous three months.
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