PiCK
US Second-Quarter GDP Growth Slows to 1.5%, Misses Forecast
Summary
- The U.S. said July 30 that second-quarter GDP growth came in at 1.5% on an annualized quarter-over-quarter basis in the advance estimate.
- That was 0.3 percentage point below the 1.8% forecast compiled by Dow Jones, and growth slowed from 2.1% in the first quarter.
- The Commerce Department said lower government spending and higher imports offset gains in consumer spending, investment and exports, slowing economic growth.
Forecast Trend Report by Period
U.S. economic growth slowed in the second quarter.
The Commerce Department said July 30 that U.S. gross domestic product grew at a 1.5% annualized rate from the previous quarter in its advance estimate for the April-June period.
That was 0.3 percentage point below the 1.8% forecast compiled by Dow Jones and slower than the 2.1% pace in the first quarter.
The department said lower government spending and higher imports in the second quarter offset gains in consumer spending, investment and exports, slowing growth.
The U.S. releases GDP data three times for each quarter: an advance estimate, a revised estimate and a final estimate. Unlike South Korea, it reports quarterly GDP growth at an annualized rate.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul