U.S. Economy Slows to 2.1% Growth in 2nd Quarter

Friday, July 26, 2019
GoLocalPDX Business Team

The U.S. economy grew at 2.1% in the second quarter between April and June, according to data released on Friday by the Commerce Department.

The rate growth is the second slowest since the end of the final quarter of 2016.

The 2.1% growth is also down from the 3.1% gain in the first quarter.

Economy by the Numbers

Despite the growth slowing, consumer spending grew at 4.3% after an annual gain of 1.1% in the quarter marked from January to March.

According to the Commerce Department, consumer spending accounts for 70% of economic activity.

The spending came on new cars and trucks, food and drinks, as well as, clothing.

According to the Commerce Department, investment slipped nearly 111% on structures like office buildings, manufacturing plants and drilling rigs.

Spending on equipment grew less than 1%.