Consumer spending ticked up slightly after a near halt in the first quarter, but private sector investments plunged in the second quarter.
Save articles to read later and create your own reading list.
Economic growth in the United States has bounced back more than expected in the second quarter, but the data grossly overstates the economy’s health as declining imports accounted for the bulk of the improvement and domestic demand rose at its slowest pace in two and a half years.
The US economy grew by 3 percent at an annualised pace in the second quarter, according to Commerce Department released data on Wednesday, beating economists’ expectations after a contraction of 0.5 percent in the first quarter of the year.
Growth in consumer spending ticked up moderately by 1.4 percent across both goods and services, after almost braking in the first quarter as US President Donald Trump’s tariffs created uncertainty.
