NEW YORK (CNNMoney)
Gross domestic product -- the broadest measure of economic activity -- rose at a 1.7% annual rate in April through June, slightly faster than the 1.1% rate in the first quarter, the Bureau of Economic Analysis reported Wednesday.
Federal budget cuts continued to drag on the economy, but the impact was not quite as severe as in the prior six months. According to the report, the U.S. economy bore the brunt of federal budget cuts at the end of 2012, when defense cuts in particular were deep enough to completely offset gains in consumer spending.
Consumer spending continued to rise in the second quarter, as Americans spent more on health care, recreational goods and vehicles, furnishings and clothing. The gain was slightly slower than in the first three months of the year, but was still seen as a good sign that consumers are coping well in spite of a higher payroll tax rate this year.
Meanwhile, business investment and the housing recovery also boosted growth.
Economists surveyed by CNNMoney had predicted GDP would grow at a 1.2% annual pace, so the report was much better than expected and seen as an encouraging sign for the recovery. That said, 1.7% growth is still considered weak historically.
In the three years leading up to the Great Recession, the economy grew an average of about 3% a year.
"With this report, the story of modest growth just continues on," said Jason Schenker, president and chief economist of Prestige Economics.
The data was solid enough to allow the Federal Reserve to continue
The Bureau of Economic Analysis also revised its GDP methodology on Wednesday to include research and development and arts and entertainment production as business investments.
The new methodology means U.S. economic activity is larger than previously reported, at around $16.6 trillion a year.
First Published: July 31, 2013: 8:55 AM ET
Anda sedang membaca artikel tentang
U.S. economy pulls through federal budget cuts
Dengan url
https://sepakgajah.blogspot.com/2013/07/us-economy-pulls-through-federal-budget.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
U.S. economy pulls through federal budget cuts
namun jangan lupa untuk meletakkan link
U.S. economy pulls through federal budget cuts
sebagai sumbernya
0 komentar:
Posting Komentar