US economy grew at modest 2% rate in second quarter
WASHINGTON (AP) — The U.S. economy grew at a modest 2% annual rate in the second quarter, a pace sharply lower than the 3%-plus growth rates seen over the past year. Many analysts believe growth will slow further in coming quarters as global weakness and rising trade tensions exert a toll.
The Commerce Department said Thursday that the April-June increase in the gross domestic product, the economy’s total output of goods and services, slipped from a brisk 3.1% gain in the first quarter.
The government’s third look at second quarter GDP growth was the same as the previous estimate although the components were slightly altered. Consumer spending and business investment rose at slower rates than previously estimated but this was offset by slightly stronger gains in government spending and exports.