U.S. economy slows in second quarter; consumer spending accelerates via ReutersTV
WASHINGTON - U.S. economic growth slowed less than expected in the second quarter as a surge in consumer spending blunted some of the drag from declining exports and a smaller inventory build, which could further allay concerns about the economy’s health.
But robust consumer spending, together with a strong labor market, further diminish expectations of a 50 basis point rate cut and could raise doubts about further monetary policy easing this year. The GDP report showed a pickup in inflation last quarter, though the trend remained benign. A gauge of inflation tracked by the Fed increased at a 1.8% rate last quarter, just below the U.S. central bank’s 2% target. Inflation increased 1.5% compared the second quarter of 2018.
Some of the slowdown in consumer spending early in the year was blamed on a 35-day partial shutdown of the government. The acceleration in consumer spending also helped businesses to whittle down an inventory overhang, leading to a smaller inventory build.
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