The U.S. economy slowed in the second quarter, but the strongest growth in consu...
WASHINGTON - The U.S. economy slowed in the second quarter, but the strongest growth in consumer spending in 4-1/2 years amid a strong labor market could further temper financial market expectations of a recession.
The economic expansion, now in its 11th year, is under threat from the Trump administration’s year-long trade war with China, which has undercut business investment and manufacturing. The Fed lowered its short-term interest rate by 25 basis points last month for the first time since 2008, citing trade tensions and slowing global growth. Financial markets have fully priced in another quarter-percentage-point cut at the Fed’s Sept. 17-18 policy meeting.
While the economy is slowing, it appears not to be rapidly losing altitude. In another report on Thursday, the Commerce Department said the goods trade deficit narrowed 2.5% to $72.3 billion in July as exports rebounded. Exports of goods rose 0.7%, while imports fell 0.4%.
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