U.S. Economy Slows to 2.1% Growth in 2nd Quarter
GoLocalProv Business Team
U.S. Economy Slows to 2.1% Growth in 2nd Quarter
The rate growth is the second slowest since the end of the final quarter of 2016.
The 2.1% growth is also down from the 3.1% gain in the first quarter.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTEconomy by the Numbers
Despite the growth slowing, consumer spending grew at 4.3% after an annual gain of 1.1% in the quarter marked from January to March.
According to the Commerce Department, consumer spending accounts for 70% of economic activity.
The spending came on new cars and trucks, food and drinks, as well as, clothing.
According to the Commerce Department, investment slipped nearly 111% on structures like office buildings, manufacturing plants and drilling rigs.
Spending on equipment grew less than 1%.
19 to Watch in 2019 - FULL LIST
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