US Q2 economic growth revised down to 1.1%
Consumer spending expanded 4.4% on a yearly basis in Q2 from an initial estimate of 4.2%, posting the fastest growth rate since the end of 2014. Consumer spending also contributed 2.94% to GDP growth in Q2.
Inventories, meanwhile, subtracted 1.26% from growth in Q2, showing the largest drag in approximately two years. It posted its first decline at a revised 12.4 billion US dollars in Q2 from 2011. Overall fixed investment, meanwhile, dropped 2.5% in Q2 and subtracted 0.42 points from the growth.
Analysts expect that the Fed may increase interest rates in September while many other economists think that it will not increase rates until December in a survey by the Wall Street Journal.
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