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U.S. second-quarter growth rate cut to 2.1% on business spending
The U.S. government’s main measure of U.S. economic activity in the second quarter was revised lower, as more moderate business investment than initially reported outweighed stronger consumer spending. Gross domestic product rose at a revised 2.1 per cent annualized pace in the second quarter, below the government’s previous estimate. The downward revision to GDP reflected less inventory and nonresidential fixed investment. Household spending, the engine of the US economy was revised higher, to a 1.7 per cent pace. A gauge of the income generated and costs incurred from producing goods and services — gross ... (full story)