What Does the Second-Quarter’s 4 Percent GDP Growth Mean for Jobs? In the second-quarter, the United States economy grew at an annual pace of 4 percent — a welcomed improvement from the 2.1 percent contraction recorded in the first three months of the year. But while the headline number is strong, the source of that growth is not sustainable; consumer spending — which accounts for approximately 70 percent of GDP — has not gained significant momentum this year, leaving the great majority of recent GDP oscillations the result of changes in business inventories. Inventories accounted for 1.66 of the 4 percentage points ... (full story)