U.S. GDP grew 2.1% last quarter, down from the preceding period and close to its long-term average. That leaves President Trump heading into an election year with an economy looking as tepid as his predecessor’s, writes tombuerkle.
U.S. real gross domestic product increased at an annual rate of 2.1% in the second quarter, according to an advance estimate from the Commerce Department’s Bureau of Economic Analysis on July 26.
The expansion was led by consumer spending, which rose at a 4.3% pace, and federal government spending, which increased at a 7.9% clip. Gross private domestic investment fell at a 4.5% rate, compared with growth of 6.2% in the previous quarter. The price index for personal-income expenditures excluding food and energy, the main inflation measure tracked by the U.S. Federal Reserve, rose 1.8% in the second quarter compared with a rise of 1.1% in the preceding quarter, and was up 1.5% from the same period a year earlier.
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