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The country’s economic growth was slightly lower than previously reported last quarter, due to a decline in government spending and a large depletion of inventories.
The country’s sluggish performance in the first half of the year was propped up by consumer spending, and the gross domestic product rose at a 1.1% annualized rate, not quite the 1.2% initially estimated, according to the Commerce Department. Figures also show household spending was higher than previously estimated, as used-car sales increased.
Stagnant economic growth is what’s keeping the Federal Reserve from raising interest rates, Bloomberg reports, though experts project the economy will rebound in Q3, driven predominantly by an increase in household purchases and stockpiling. [Bloomberg]
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