The U.S. economy slowed sharply in the second quarter even as consumers stepped up their spending.
The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending.
Economists also noted that business capital investment, which has been strong for the past two years, fell at a 0.6% annual rate in the April-June quarter, the first decline in three years. That weakness likely reflects, at least in part, a reluctance by businesses to commit to new projects because of uncertainty surrounding President Donald Trump's confidence-shaking trade war with China.
On Friday, besides issuing its first of three estimates of growth in the April-June quarter, the government reported that the economy grew more slowly in 2018 than it had previously estimated. As part of its annual revisions to GDP, the government downgraded its estimate for 2018 growth from 3% to 2.5%. President Donald Trump had frequently boasted of the 3% growth figure as evidence that his policies have invigorated the economy.
That would be a disappointment to the Trump administration which is forecasting that Trump's economic policies of tax cuts, deregulation and tougher trade enforcement will lift the U.S. economy to sustained gains in coming years of 3% or better. Trump often cites the economy's performance at his campaign rallies, saying his policies have lifted the economy out of a decade-long slowdown he blames on the wrongheaded policies pursued by the Obama administration.
The 2.3% average annual growth rate is the weakest for any recovery in the post-World War II period, a fact that Trump repeatedly noted during his 2016 campaign, blaming that weakness on failed policies of Barack Obama.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Four Teen Boys Charged In Connection With Brutal Assault of Lesbian CoupleIn a horrifying homophobic attack, a lesbian couple was beaten up and robbed after they refused a group of boys’ demand to kiss.
Leer más »
Highlights from former U.S. special counsel Mueller's testimonyFormer U.S. Special Counsel Robert Mueller testified on Wednesday to the U.S. Ho...
Leer más »
China's soybean crushers in no rush to buy from U.S. despite Beijing tariff offer: sourcesDespite the carrot of a potential exemption from import tariffs, Chinese soybean...
Leer más »
U.S. new home sales rebound; prior three months revised downSales of new U.S. single-family homes rebounded sharply in June, but sales for t...
Leer más »
The Best Miniseries on TV Is When They See UsWhenTheySeeUs is pretty much the Platonic ideal of what thoughtful popular art can be in this country but rarely is
Leer más »