US economy slowed to 2.1% growth rate in second quarter
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July 26, 2019
WASHINGTON (AP) — The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending.
The gross domestic product, the economy's total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday.
But consumer spending, which drives about 70% of economic activity, accelerated to a sizzling 4.3% growth rate after a lackluster 1.1% annual gain in the January-March quarter, boosted in particular by auto sales. The resurgent strength in household spending was offset by a...
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