US economy expands 1.3 percent in Q2July 30th, 2011 - 2:37 am ICT by IANS
Washington, July 30 (IANS) The US economy slowed to an annual growth rate of 1.3 percent during the second quarter of 2011, falling short of market expectations of around 1.7 percent, the commerce department said Friday.
It also sharply revised the January-March figures from a growth of 1.9 percent to just 0.4 percent, the weakest since the recession ended two years ago, Xinhua reported.
Consumer spending, a major engine of the world’s largest economy, was almost flat this spring. It increased only 0.1 percent, after 2.1 percent growth in the winter. Spending on manufactured goods, such as autos and appliances, fell 4.4 percent.
In the second quarter, real exports of goods and services increased 6 percent, compared with an increase of 7.9 percent in the first.
Due to austerity moves taken by state and local governments, consumption expenditures and gross investment decreased 3.4 percent, the same decrease pace as in the first quarter.
The price index for gross domestic purchases, which measures prices paid by US residents, rose 3.2 percent in the second quarter, compared with an increase of 4 percent in the first one.
The personal savings rate, saving as a percentage of disposable personal income, edged up to 5.1 percent in the second quarter from 4.9 percent in the first one.
- Spanish economy back in recession - Apr 24, 2012
- India growth increased strongly in Q4: IMF - Mar 14, 2012
- India showed strong growth amid global slowdown: IMF - Mar 15, 2012
- US personal incomes decline - Oct 01, 2011
- US producer prices fall - Nov 16, 2011
- US economy slows in first quarter - Apr 29, 2011
- Consumer spending goes up in US - Aug 30, 2011
- US economy grew faster than thought in fourth quarter - Mar 01, 2012
- Japan's GDP growth lowered to 5.6 percent - Dec 09, 2011
- US economic growth revised down to 1.8 percent - Dec 22, 2011
- US productivity down - May 04, 2012
- US economy grew 2.5 percent in third quarter - Oct 28, 2011
- Indian economy hit by high inflation, slowing growth (2011 in Retrospect) - Dec 28, 2011
- India revises 2010-11 economic growth down to 8.4 percent - Jan 31, 2012
- Spanish economy stalls - Nov 01, 2011
Tags: , , , , , , , , , , , , , , , , ,