US Consumer Spending Weaker Than Expected in Second Quarter
TL;DR Summary
The final revision of second-quarter GDP in the US remained unchanged at an annualized rate of 2.1%, but consumer spending was revised much lower to a 0.8% annualized rate, indicating weaker economic growth. Americans reduced their spending more than previously thought, with spending on services and nondurable goods declining. Moody's Investors Service predicts that consumer spending will continue to slow in the coming months as Americans become more cautious about making purchases.
- US consumer spending was much weaker in the second quarter than previously estimated CNN
- US Consumer Spending Rose at Weakest Pace in a Year Last Quarter Bloomberg
- US Economy: 2Q Spending Slumps, GDP Unrevised at 2.1% Bloomberg Television
- US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection Yahoo Finance
- Economy grew 2.1% in second quarter, GDP shows. Third quarter may be even stronger MarketWatch
- View Full Coverage on Google News
Reading Insights
Total Reads
0
Unique Readers
0
Time Saved
1 min
vs 2 min read
Condensed
75%
291 → 72 words
Want the full story? Read the original article
Read on CNN