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Financial News: U.S. Economic Growth Unrevised At 4.2% In Second

U.S. Economic Growth Unrevised At 4.2% In Second Quarter

09/27/2018 - 09:47:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed the pace of U.S. economic growth in the second quarter was unrevised from the previous estimate.

The report said gross domestic product increased at an annual rate of 4.2 percent in the second quarter, unchanged from the estimate released last month. The unrevised growth also matched economist estimates.

The unrevised reading on GDP growth came as a downward revision to private inventory investment was offset by small upward revisions to state and local government spending, consumer spending, non-residential fixed investment, exports, and residential fixed investment.

The Commerce Department also said imports, which are a subtraction in the calculation of GDP, were revised down slightly.

The GDP growth in the second quarter reflects a substantial acceleration from the 2.2 percent increase in the first quarter and marks the strongest growth since a 4.9 percent jump in the third quarter of 2014.

The faster GDP growth in the second quarter reflects accelerations in consumer spending, exports, federal government spending, and state and local government spending, as well as a smaller decrease in residential fixed investment.

The Commerce Department said these movements were partly offset by a downturn in private inventory investment and a deceleration in non-residential fixed investment.

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