The US economy expanded at a surprising 3.8 per cent from April through June, the government reported in a dramatic upgrade of its previous estimate of second-quarter growth.
US gross domestic product the nation’s output of goods and services rebounded in the spring from a 0.6 per cent first-quarter drop caused by fallout from President Donald Trump’s trade wars, the Commerce Department said Thursday. The department had previously estimated second-quarter growth at 3.3 per cent.
The first-quarter GDP drop, the first retreat of the US economy in three years, was mainly caused by a surge in imports which are subtracted from GDP as businesses hurried to bring in foreign goods before Trump could impose sweeping taxes on them. That trend reversed as expected in the second quarter: Imports fell at a 29.3 per cent pace, boosting April-June growth by more than 5 percentage points.
Consumer spending rose at a 2.5 per cent pace, up from 0.6 per cent in the first quarter and well above the​The US economy expanded at a surprising 3.8 per cent from April through June, the government reported in a dramatic upgrade of its previous estimate of second-quarter growth.
US gross domestic product the nation’s output of goods and services rebounded in the spring from a 0.6 per cent first-quarter drop caused by fallout from President Donald Trump’s trade wars, the Commerce Department said Thursday. The department had previously estimated second-quarter growth at 3.3 per cent.
The first-quarter GDP drop, the first retreat of the US economy in three years, was mainly caused by a surge in imports which are subtracted from GDP as businesses hurried to bring in foreign goods before Trump could impose sweeping taxes on them. That trend reversed as expected in the second quarter: Imports fell at a 29.3 per cent pace, boosting April-June growth by more than 5 percentage points.
Consumer spending rose at a 2.5 per cent pace, up from 0.6 per cent in the first quarter and well above the ​Latest News [ SOBAN NEWS: International and National ]
