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Financial News: U.S. Economy Grows Slightly Less Than Initially Estimated

U.S. Economy Grows Slightly Less Than Initially Estimated

08/29/2019 - 09:25:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed the pace of growth in U.S. economic activity slowed by slightly more than initially estimated in the second quarter.

The Commerce Department said gross domestic product increased by 2.0 percent in the second quarter compared to the previously reported 2.1 percent growth. The downward revision came in line with economist estimates.

The downwardly revised GDP growth seen in the second quarter compares to the 3.1 percent jump in GDP reported for the first quarter.

The slightly slower than previously estimated growth reflected downward revisions to state and local government spending, exports, private inventory investment, and residential investment.

On the other hand, the report said consumer spending spiked by 4.7 percent compared to the previously estimated 4.3 percent jump and the 1.1 percent increase in the first quarter.

The Commerce Department noted the slower GDP growth compared to the first quarter reflected downturns in inventory investment, exports, and nonresidential fixed investment.

The downturns were partly offset by the acceleration consumer spending as well as a spike in federal government spending.

On the inflation front, a reading on core consumer prices, which exclude food and energy prices, showed price growth accelerated to 1.7 percent in the second quarter from 1.1 percent in the first quarter.

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