bbc_business

US economic growth sees surprise slowdown in second quarter

📰 source: bbc_business · 💼 business

us economic growth slowed to 1.5% in the second quarter, down from 2.1% in q1, surprising analysts who expected 2%. the commerce department attributed the slowdown to lower government spending, investment, and exports, even as consumer spending rose 3.2%.

consumer spending on vehicles, furniture, and drugs remained strong despite inflation at 3.5%. economists called the data misleading: michael pearce of oxford economics said the slowdown underplayed the economy's strength and predicted growth above 2% later this year. bradley saunders of capital economics said the figure 'seriously undersells a healthy economy.'

the fed held rates for a fifth consecutive meeting, with chairman kevin warsh warning no 'magic wand' for prices. brent crude hovered near $90 a barrel, pushing gasoline above $4 a gallon. the pce price index, the fed's preferred inflation gauge, rose 3.7%.

why it matters: surprise slowdown in us growth could influence fed's rate decisions as inflation remains above target and oil prices rise.

source: bbc_business
sentiment: -0.40 · impact: 0.85

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Surprise fall in US jobs last month as slow summer continues

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