The U.S. economy slowed to a modest growth rate of 1.9% in the summer as businesses trimmed investments in response, in part, to trade war uncertainty.
The U.S. economy slowed to a modest growth rate of 1.9% in the summer as consumer spending downshifted and businesses continued to trim their investments in response to trade war uncertainty and a weakening global economy.
Still, the GDP gain was far below the 3%-plus increases that President Trump has set as a benchmark to demonstrate that his policies are succeeding in lifting the economy above the modest 2.2% growth of the Obama years.Consumer spending, which accounts for 70% of economic activity, grew at a solid 2.9% rate in the third quarter, but it was still a slowdown after a 4.6% surge in the second quarter.
Government spending slowed to a growth rate of 2%, down from a 4.8% gain in the second quarter, with federal spending and state and local government spending all slowing.The trade deficit, which has widened as Chinese retaliatory tariffs have hurt farm sales, trimmed GDP growth by about 0.1 percentage point in the third quarter.
Without that support, economists had forecast a slowdown this year. They also say that Trump’s trade war with China, by disrupting supply chains and hurting business confidence, will shave about half a percentage point from the already slower GDP figure.
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