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Consumer and Business Spending Buoys US Economy for Q2

Credit: Wibbitz Top Stories
Published on July 26, 2019 - Duration: 01:22s

Consumer and Business Spending Buoys US Economy for Q2

Consumer and Business Spending Buoys US Economy for Q2 For the second quarter of 2019, the U.S. Commerce Department says the economy's rate increased 2.1%.

That's a drop from the 3.1% growth recorded the first quarter of this current year.

Despite the fall, the 2.1% bump is more than what economists had expected for Q2.

According to CNN Business, second quarter growth was supported by strong consumer spending and government spending.

Ameriprise Financial's Russell Price, via CNN Business But some of the reasons for Q2's drop include falling investment in the U.S. housing market.

Spending on work structures like offices and power plants also fell over 10% from the first quarter.

In addition, U.S. exports dropped just over 5% from 2019's Q1.

With the 2.1% growth still beating economic expectations, it remains to be seen whether or not the Federal Reserve ushers in cuts for interest rates.

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