U.S. Growth Pace for 2nd Quarter Is Revised Downward, to 2.8%
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The economy grew at a 2.8 percent annual rate from April through June, as oil prices limited consumer spending and contributed to a record trade deficit.
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Struggling under the weight of a bloated trade deficit, the U.S. economy grew at a relatively modest 2.8 percent annual rate in the second quarter.
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The Organization for Economic Cooperation and Development revised down Tuesday its growth forecast for the United States this year.
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U.S. chief executives' outlook on the economy dimmed in the second quarter, although they still expect growth, according to a quarterly survey by the Business Roundtable released on Tuesday.
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The slowdown may signal that the economy is shifting down a notch from its unexpectedly robust pace of growth at the end of last year.
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The US gross domestic product grew only 2.2 percent last quarter.
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The economy grew more quickly in the second quarter than initially estimated and inflation was slightly lower.
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The gross domestic product, the broadest measure of economic output, grew at a 3.3 percent annual rate in the second quarter, the Commerce Department reported yesterday, revising its earlier estimate of 2.8 percent.
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WASHINGTON -- The economy grew at a sluggish 2.2 percent pace in the final quarter of last year, much slower than initially thought as businesses tightened their belts amid fallout from the troubled housing and automotive industries.
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A slowdown in US economic growth during the second quarter was not as sharp as previously thought, the Commerce Department reported today.
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US economic growth slowed more than expected in the second quarter of 2006, revised official data says.
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The US economy grew at a 2.8 percent annual rate from April through June, slower than the government estimated last month as higher oil prices limited consumer spending and the trade deficit widened to a record.
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Healthy business investment helped the U.S. economy grow at a revised 3.8 percent annual rate in the second quarter, slightly less than previously thought because of brisker demand for foreign goods and services, the Commerce Department said on Thursday.
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Economic growth picked up slightly in the second quarter of 2007, official data showed Friday, but analysts forecast slower expansion later this year owing to recent interest rate hikes.
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The US economy slowed less than previously estimated in the second quarter as exports and inventories grew, revised numbers from the government show.
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Business productivity growth was revised down sharply as expected in the fourth quarter to an annualized 1.6 percent pace, government data on Tuesday showed, in a warning on inflation as labor costs soared.
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The U.S. economy grew slightly better than first estimated in the first quarter, but still at the weakest pace in more than four years and inflation grew as well, data on Thursday showed.