The U.S. economy grew at a 2.1% annualized rate in the second quarter after adjusting for seasonal effects and inflation, the Commerce Department said...
The U.S. economy grew at a 2.1% annualized rate in the second quarter after adjusting for seasonal effects and inflation, the Commerce Department said Wednesday, a slightly slower pace than previously estimated.
Economists think the economy could have picked up steam over the summer. A growth forecast produced by the Federal Reserve Bank of Atlanta last week estimated a 5.9% growth rate for the July to September period. A separate forecast by S&P Global Market Intelligence estimated a 3.3% growth rate in the third quarter, driven by retail sales, which rose a seasonally adjusted 0.7% last month, the strongest pace this year.
The economy has been growing steadily over the past year following a brief contraction early in 2022. Growth has been buoyed by a strong labor market which has supported consumer spending. Household expenditures grew at a 1.7% pace in the second quarter, down from 4.2% in the first three months of the year.
Residential construction, which has been battered by higher interest rates, fell 3.6% in the quarter. Nonresidential construction rose 11.2%, offsetting the decline in homebuilding. Federal subsidies under the Inflation Reduction Act have resulted in a boom in factory building.So far the U.S. economy has defied economists’ predictions that a recession would start in the middle of the year caused by the Federal Reserve’s rate increases. Last month, Fed officials raised rates to between 5.
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