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US Economy grows at a Slower Pace than Forecast

  • US Economy grows at a Slower Pace than Forecast

    US Economy grew at an annual rate of just 1.2 per cent in the three months to June, much lower than the forecast of 2.6 per cent. Interestingly, during the same period consumer spending has increased by an annual rate of 4.2 per cent. However, business investment nosedived by 9.7 per cent during the April-June quarter. Investment in business inventories also declined by US$ 8.1billion during the same period. Second announcement on the basis of more data availability will be done on August 26.