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U.S. Economy Expands 1.2%
Real gross domestic product in the U.S. expanded at an annualized 1.2% from the first to second quarter of 2016, according to an early estimate by the Bureau of Economic Analysis.
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Real gross domestic product in the U.S. expanded at an annualized 1.2% from the first to second quarter of 2016, according to an early estimate by the Bureau of Economic Analysis.
The pace was about half what economists expected. GDP grew by a revised 0.8% in the first quarter..
The bureau says growth was driven by consumer spending and increased exports. But it notes an accelerated slowdown in private inventory and residential fixed investments and spending by state and local governments.
In terms of current dollars, GDP grew by 3.5% ($156 billion) to $18.4 trillion. Growth in the first quarter was a revised 1.3% ($59 billion).
The bureau says the price index for gross domestic purchases rose 2% in the second quarter compared with a revised 0.2% in the first period. When food and energy prices are ignored, the price index gained 1.7% in April-June compared with 2.1% in the previous period.
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