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Washington
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\n The US economy\u2019s rebound in the second quarter was stronger than previously reported, thanks to consumers who stepped up their spending despite jitters over President Donald Trump\u2019s trade war.\n <\/p>\n
\n Gross domestic product, which measures all the goods and services produced in the economy, registered an annualized rate of 3.3% from April through June, the Commerce Department said in its second estimate released Thursday. That\u2019s up from the 3% rate in the first estimate.\n <\/p>\n
\n The latest GDP estimate shows that the economy still rebounded sharply from the 0.5% decline in the first quarter. GDP is adjusted for seasonal swings and inflation.\n <\/p>\n
\n Consumer spending, which accounts for about two-thirds of the US economy, in second quarter was revised up to a 1.6% annualized rate in the latest estimate, up from the 1.4% previously reported.\n <\/p>\n
\n Business investment \u2014 known as nonresidential fixed investment \u2014 had an even bigger upward revision in the second estimate, up to 5.7% from 1.9%. The bulk of that spending from businesses was on intellectual property products.\n <\/p>\n
\n While the economy\u2019s growth in the second quarter can be mostly attributed to trade swings and consumers, a look under the hood shows that underlying momentum is sputtering.\n <\/p>\n
\n \u201cWith the initial brunt of the tariff shock behind us and the economy losing momentum, we expect to see sub-1% GDP growth in the second half of the year,\u201d said Oren Klachkin, financial markets economist at Nationwide, in analyst note Thursday. \u201cA weakening labor market and modestly higher tariff-induced inflation will constrain activity through year-end.\u201d\n <\/p>\n
\n This is a developing story and will be updated.\n <\/p>\n","protected":false},"excerpt":{"rendered":"Facebook Tweet Email Link Washington \u00a0\u2014\u00a0 The US economy\u2019s rebound in the second quarter was stronger than previously…\n","protected":false},"author":2,"featured_media":116370,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-116369","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/116369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=116369"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/116369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/116370"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=116369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=116369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=116369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}