US second-quarter GDP growth revised to 2.0per cent

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The U.S. economy slowed a bit more than initially thought in the second quarter as the strongest growth in consumer spending in 4-1/2 years was ...

WASHINGTON: The U.S. economy slowed a bit more than initially thought in the second quarter as the strongest growth in consumer spending in 4-1/2 years was offset by declining exports and a smaller inventory build.

Federal Reserve Chair Jerome Powell told a conference of central bankers last week that the economy was in a"favorable place," but reiterated that the U.S. central bank would"act as appropriate" to keep the economic expansion on track.The Fed lowered its short-term interest rate by 25 basis points last month for the first time since 2008, citing trade tensions and slowing global growth.

The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, rose at a 2.1per cent rate last quarter, slowing from a 3.2per cent pace of growth in the first three months of the year.The income side of the growth ledger was supported by a rebound in profits after two straight quarterly declines. After-tax profits without inventory valuation and capital consumption adjustment, which correspond to S&P 500 profits, increased at a 4.

U.S.-China trade tensions have caused wild swings in the trade deficit, with exporters and importers trying to stay ahead of the tariff fight.

 

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