U.S. Economic Growth Unrevised At 1.5% In Q2
(RTTNews) - A report released by the Commerce Department on Wednesday showed the increase in U.S. gross domestic product in the second quarter was unrevised from the initial estimate.
The Commerce Department GDP jumped by 1.5 percent in the second quarter, unchanged from the original estimate and in line with economist estimates.
The report said an upward revision to consumer spending was partly offset by an upward revision to imports, which are a subtraction in the calculation of GDP.
The unrevised increase in GDP in the second quarter reflects a slowdown compared to the 2.1 percent surge in the first quarter.
The Commerce Department said the deceleration in GDP in the second quarter reflected a downturn in government spending and decelerations in investment and exports that were partly offset by an acceleration in consumer spending.
On the inflation front, the report said the personal consumption expenditures (PCE) price index soared by 5.3 percent in the second quarter after spiking by 4.6 percent in the first quarter.
Meanwhile, the core PCE price index, which excludes food and energy prices, shot up by 3.6 percent in the second quarter compared with a 4.4 percent surge in the first quarter.
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