Today: 15 March 2025
30 August 2023
1 min read

US Economy’s Second Quarter Growth Reflects Broad-Based Expansion

The second estimate factored in greater consumer spending, government outlays and exports, compared to the initial estimate…reports Asian Lite News

The US economy grew more slowly in the second quarter than previously estimated — a good sign for the Federal Reserve, which is attempting to cool demand to bring down price increases, a media report said.

Gross domestic product, the broadest measure of economic output, rose at an annualised rate of 2.1 per cent in the second quarter, according to the Commerce Department’s second estimate released on Wednesday, CNN reported.

That’s a slightly slower pace than the 2.4 per cent the department initially estimated.

The second estimate factored in greater consumer spending, government outlays and exports, compared to the initial estimate.

Meanwhile, business investment and inventories were revised lower.

Business investment — referred to as nonresidential fixed investment — was revised to a 6.1 per cent rate of growth, compared to a 7.7 per cent rate in the first estimate.

Residential fixed investment, which reflects conditions in the US housing market, had less of a drag on growth than previously estimated, CNN reported.

Economic growth in the second quarter was mostly broad based, but there were some signs of weakened demand for goods purchases and imports. Consumer spending, which accounts for about 70 per cent of economic output, was revised slightly higher in the second estimate, CNN reported.

Economists widely expected the summer to be robust, with Americans spending big on travel, dining and other in-person experiences.

ALSO READ-The Economy Takes a Backseat as Pakistan’s Elite Squabble for Power

Previous Story

Amazon Empowers UAE Nationals via Leadership Program

Next Story

German Embassy Faces High Demand for Student Visas from India

Latest from -Top News

Dubai Glows with Ramadan Spirit

The stunning displays are a key highlight of the second edition of the #RamadanInDubai campaign. Dubai has transformed into a dazzling spectacle of light and artistry in celebration of Ramadan, with grand

UAE Celebrates Emirati Children’s Day

The United Arab Emirates is celebrating Emirati Children’s Day today, reaffirming its dedication to nurturing a safe and supportive environment for the nation’s children. This annual occasion highlights the UAE’s commitment to

US pullback on Gaza plan welcomed 

The Hamas movement also responded positively, stating that the reversal was a welcome move….reports Asian Lite News Palestinian, Jordanian, and Egyptian officials have welcomed US President Donald Trump’s decision to abandon his

Can AI Transform the Future of India-GCC Ties? 

One area where AI can significantly enhance India-GCC cooperation is in the field of supply chain management and logistics. …writes Sudhanshu Kumar and Rashi Randev  Recently, a few months back, the External

Syrian leader signs constitutional declaration 

The declaration enshrines several fundamental rights, including freedom of opinion, expression, the press, and access to information.  Syrian President Ahmad al-Sharaa signed the draft Constitutional Declaration on Thursday, marking a significant step
Go toTop

Don't Miss

China hands list of demands to revive ties

The list included removal of US sanctions imposed on the

India, Israel, US, UAE Meet Opens Possibility of M-E Quad

The four top diplomats discussed “future opportunities for collaboration in