The U.S. economy grew at a healthy pace in the second quarter, slowing by less the economists had expected from earlier in the year amid multiple headwinds, including weaker global demand, higher mortgage rates, and uncertainties over trade policy.
Gross domestic product rose at a 2.1 percent annual rate from April through June, the Commerce Department reported Friday. Gross domestic product is a measure of all the goods and services produced in the U.S. after adjustments for seasonality and inflation.
Consumer spending was a source of strength for the economy, expanding at a 4.3 percent rate. Earlier in the year, consumer spending had slumped to a 0.9 percent growth rate. But the increase in consumer spending was offset by a decline in business investment. So-called nonresidential fixed investment fell at a 0.6 percent rate, down from a rise of 4.4 percent in the first quarter. more here