U.S. economic growth slowed in the second quarter, the government confirmed on T...
WASHINGTON - U.S. economic growth slowed in the second quarter, the government confirmed on Thursday, but the strongest consumer spending in 4-1/2 years amid a solid labor market threw cold water on financial market expectations of a recession.
The deterioration in trade relations between the two economic giants has roiled global stock markets and triggered an inversion of the U.S. Treasury yield curve, fanning fears that the longest economic expansion in history was in danger of being interrupted by a recession. The small downgrade was in line with economists’ expectations. The economy grew at a 3.1% rate in the January-March quarter. It expanded 2.6% in the first half of the year.
The income side of the growth ledger was supported by a rebound in profits after two straight quarterly declines. After-tax profits without inventory valuation and capital consumption adjustment, which correspond to S&P 500 profits, increased at a 4.8% rate after dropping 1.5% in the first quarter. Exports of goods rose 0.7% as an acceleration in shipments of motor vehicles, capital and consumer goods offset a plunge in industrial supplies and agricultural exports. The decline in agricultural shipments probably reflects a drop in soybean exports to China.
France Dernières Nouvelles, France Actualités
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