US Economy Grew 1.5 Percent in Second Quarter
3 sources across 3 countries · Argentina · Chile · Norway
Who reported this
- Clarin
- La Tercera
- Aftenposten
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
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Every outlet covering this story shares the same political lean; read with that in mind.
The United States economy grew at an annualized rate of 1.5 percent from April to June, according to the second estimate from the Department of Commerce. This figure represents a deceleration from the 2.1 percent growth rate recorded in the first quarter. Despite the slower overall growth, consumer spending, which accounts for approximately 70 percent of economic activity, increased at a robust annual rate of 3.4 percent, up from 0.5 percent in the previous period.
The slower growth rate was influenced by a rise in imports, which grew at an annual rate of 12.5 percent. This increase was partly driven by shipments of computer chips and products supporting artificial intelligence investment. Business investment, excluding housing, grew by 8.5 percent. Additionally, a measure of underlying economic strength that excludes volatile government spending and trade grew at a rate of 4.2 percent.
Other factors impacting the economy include a decline in government spending and the effects of conflict with Iran. Inflation in July was 3.7 percent on an annual basis, which is above the central bank's 2 percent target. High prices for gasoline and food are expected to be significant issues in the upcoming November election. The Bureau of Economic Analysis noted that the second quarter results reflected a combination of increased consumer spending, exports, and investment, which were partially offset by the drop in government spending and the rise in imports.
How each side framed it
- Centre-right
- Outlets of this lean framed the report as a sign of resilience and continued expansion despite a slower growth rate and external geopolitical pressures.
Sources
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