2023-09-28 12:39:59
According to the final statistics on the US real gross domestic product (GDP) for the April-June period (second quarter), growth in personal consumption has been revised downward to almost half of the revised figure. This mainly reflected a slowdown in spending on services.
Key points U.S. consumer spending is set to increase at an annual rate of 0.8% compared to the previous quarter – the lowest growth rate in regarding a year The revised figure is 1.7% The median forecast of economists surveyed by Bloomberg is a 1.7% increase in real gross domestic product (GDP) 2.1% increase Revised value also 2.1% increase Economists forecast 2.2% increase
In terms of overall GDP, capital investment increased by 7.4%, an upward revision from the revised 6.1% increase, to compensate for the slowdown in personal consumption. Net exports and inventories have also been revised upward and are no longer a drag on growth.
Consumer spending slowed in the April-June period, but the third quarter has so far shown signs of strength, and the U.S. Federal Reserve and Wall Street economists are predicting short-term growth. I am increasingly optimistic regarding the future.
Gross domestic income (GDI), another key indicator, rose 0.7% in the April-June period. The figures for January-March (first quarter) have been revised upward significantly. The average values of GDI and GDP increased by 1.4% in both the January-March and April-June periods.
The personal consumption expenditure (PCE) core price index, which excludes food and energy, which is an inflation indicator that the US Federal Reserve focuses on, rose 3.7% from the previous quarter in the April-June period, unchanged from the revised value. This is the first small increase since the January-March quarter of 2021.
Prices for core services excluding housing, which the agency has put in the spotlight this year,indexrose at an annual rate of 3.5% in the April-June period. The growth slowed sharply from January to March of this year, and remained at the lowest growth rate since the end of 2020.
`Supercore’ Inflation Rises at Slowest Pace Since 2020
Measure favored by Fed eased in 2Q, but remained elevated
Source: Bureau of Economic Analysis
See table for detailed statistics.
Original title:US Consumer Spending Rose at Weakest Pace in a Year Last Quarter(excerpt)
(Adds and updates statistics details)
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