US econ­omy ex­pands at 2.6%

China Daily (Hong Kong) - - BUSINESS -

The US econ­omy grew at an an­nual rate of 2.6 per­cent in the sec­ond quar­ter of the year, higher than the re­vised 1.2 per­cent in the pre­vi­ous quar­ter, ac­cord­ing to the US Com­merce Depart­ment. “The ac­cel­er­a­tion in real gross do­mes­tic prod­uct growth in the sec­ond quar­ter re­flected a smaller de­crease in pri­vate in­ven­tory in­vest­ment, an ac­cel­er­a­tion in per­sonal con­sump­tion ex­pen­di­tures, and an up­turn in fed­eral gov­ern­ment spend­ing,” the Com­merce Depart­ment said. Per­sonal con­sump­tion ex­pen­di­tures, which ac­count for about two-thirds of the US econ­omy, in­creased at an an­nual rate of 2.8 per­cent in the sec­ond quar­ter of the year. That was an ac­cel­er­a­tion from the 1.9 per­cent pace in the first quar­ter.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.