August 30, 2023
1 min read

US Economy’s Second Quarter Growth Reflects Broad-Based Expansion

The second estimate factored in greater consumer spending, government outlays and exports, compared to the initial estimate…reports Asian Lite News

The US economy grew more slowly in the second quarter than previously estimated — a good sign for the Federal Reserve, which is attempting to cool demand to bring down price increases, a media report said.

Gross domestic product, the broadest measure of economic output, rose at an annualised rate of 2.1 per cent in the second quarter, according to the Commerce Department’s second estimate released on Wednesday, CNN reported.

That’s a slightly slower pace than the 2.4 per cent the department initially estimated.

The second estimate factored in greater consumer spending, government outlays and exports, compared to the initial estimate.

Meanwhile, business investment and inventories were revised lower.

Business investment — referred to as nonresidential fixed investment — was revised to a 6.1 per cent rate of growth, compared to a 7.7 per cent rate in the first estimate.

Residential fixed investment, which reflects conditions in the US housing market, had less of a drag on growth than previously estimated, CNN reported.

Economic growth in the second quarter was mostly broad based, but there were some signs of weakened demand for goods purchases and imports. Consumer spending, which accounts for about 70 per cent of economic output, was revised slightly higher in the second estimate, CNN reported.

Economists widely expected the summer to be robust, with Americans spending big on travel, dining and other in-person experiences.

ALSO READ-The Economy Takes a Backseat as Pakistan’s Elite Squabble for Power

Previous Story

Imran Khan Crackdown Reflects Deeper Democratic Concerns in Pakistan

Next Story

German Embassy Faces High Demand for Student Visas from India

Latest from -Top News

US-India ties is a slow-motion catastrophe

For the first time in two decades, Trump’s actions, statements, and coercive tone have made relations with the US a combustible domestic political issue in India, writes Manoj Menon The post-globalisation uncertainty

Modi Welcomes Marcos Jr to Delhi

PM Modi Welcomes Philippines President Marcos Jr to Strengthen India-Philippines Ties…reports Asian Lite News Prime Minister Narendra Modi on Tuesday warmly welcomed Philippines President Ferdinand R. Marcos Jr at Hyderabad House in

Is Bangladesh Turning Into a Theocratic State?

The rise of radical Islamic influence under Yunus’s watch threatens to transform Bangladesh from a secular democracy into a theocratic state….writes Anna Mahjar-Barducci Nobel Peace Prize laureate Muhammad Yunus’s transition from economist

Post-370 Kashmir Reinvents Itself

The developments suggest that Kashmir’s post-abrogation journey is not merely political – it is profoundly social, economic, and cultural….writes Shashikant Trivedi Six years after the abrogation of Article 370, Jammu and Kashmir

Munir’s Soft Coup in Uniform

From Beijing to Washington, Asim Munir has emerged as Pakistan’s most visible face on the international stage….reports Asian Lite News As Pakistan’s powerful Army Chief, Field Marshal Asim Munir, concluded yet another
Go toTop

Don't Miss

100% Tariffs? Trump’s Warning to BRICS

Friday’s warning is a repeat of the one that he

Panel Urges US to Prepare for Possible Simultaneous Wars

The Strategic Posture Commission released its long-awaited report on US