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Financial News: U.S. GDP Growth Unrevised At 2.0% In Q2

U.S. GDP Growth Unrevised At 2.0% In Q2

09/26/2019 - 09:46:00 (RTTNews)

(RTTNews) - The Commerce Department released its final report on U.S. gross domestic product in the second quarter on Thursday, showing the pace of GDP growth was unrevised from the previous estimate.

The report said real GDP increased at an annual rate of 2.0 in the second quarter, unchanged from the previous estimate and in line with economist estimates.

The unrevised 2.0 percent GDP growth in the second quarter still reflects a notable slowdown compared to the 3.1 percent jump in the first quarter.

The spike in consumer spending in the second quarter was downwardly revised to 4.6 percent from 4.7 percent but still reflects a substantial acceleration from the 1.1 percent increase in the first quarter.

The Commerce Department said downward revisions to consumer spending and non-residential fixed investment were primarily offset by upward revisions to state and local government spending and exports

The report also showed a downward revision to imports, which are a subtraction in the calculation of GDP.

On the inflation front, core consumer price growth in the second quarter was upwardly revised to 1.9 percent from 1.7 percent. Core prices, which exclude food and energy prices, rose by 1.1 percent in the first quarter.

"Looking ahead, the weight of policy uncertainty, trade tensions, weaker global growth and tightening financial conditions will certainly make for a bumpy landing," said a note from economists at Oxford Economics.

The economists added, "However, despite spreading recession fears, we foresee sub-potential GDP growth of 1.6% in 2020, rather than an outright downturn."

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