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Trading Economics reports that analysts expected a gain of 2% on average.
The GDP growth rate increased dramatically from 1.4% in the first quarter.
Two-thirds of the US economy is made up of consumer expenditure, which grew by 2.3% in April–June (compared to a 1.5% increase in the prior quarter). Growth in government spending from January to March was 1.8%, then it surged to 3.1%.
Increases in intellectual property and equipment totaled 4.5% and 11.6%, respectively, of the 5.2% (+4.4%) increase in capital investment in nonresidential assets during the preceding quarter. Residential investment saw its first decline in a year with a 1.4% decline.
Exports increased at a pace of 2% from 1.6%, while imports increased at a rate of 6.9% from 6.1%.
In comparison to the preceding three months, the PCE Consumer Price Index increased by 2.6% in the second quarter, following a 3.4% increase in January through March.
The Federal Reserve keeps a careful eye on the PCE Core index, which measures changes in consumer prices without accounting for food and energy costs. It increased 2.9% in the second quarter over the prior three months. The index rose 3.7% in the first quarter.
source: cnn.com
The GDP growth rate increased dramatically from 1.4% in the first quarter.
Two-thirds of the US economy is made up of consumer expenditure, which grew by 2.3% in April–June (compared to a 1.5% increase in the prior quarter). Growth in government spending from January to March was 1.8%, then it surged to 3.1%.
Increases in intellectual property and equipment totaled 4.5% and 11.6%, respectively, of the 5.2% (+4.4%) increase in capital investment in nonresidential assets during the preceding quarter. Residential investment saw its first decline in a year with a 1.4% decline.
Exports increased at a pace of 2% from 1.6%, while imports increased at a rate of 6.9% from 6.1%.
In comparison to the preceding three months, the PCE Consumer Price Index increased by 2.6% in the second quarter, following a 3.4% increase in January through March.
The Federal Reserve keeps a careful eye on the PCE Core index, which measures changes in consumer prices without accounting for food and energy costs. It increased 2.9% in the second quarter over the prior three months. The index rose 3.7% in the first quarter.
source: cnn.com
