Fox Host Confronts Trump Aide on 'Way Lower' Than Expected Economic Growth
Summary
U.S. economic growth slowed to 1.5% in the second quarter, below earlier forecasts of 4%. Kevin Hassett, director of the National Economic Council, said this headline number does not show the full picture because strong domestic demand and capital investment balanced out slower growth in other areas.Key Facts
- The U.S. economy grew at a 1.5% annual rate in the second quarter, down from 2.1% in the first quarter.
- Earlier forecasts expected about 4% growth in the second half of the year.
- Domestic demand, including consumer spending and private investment, grew nearly 4%.
- Imports increased significantly, which lowered the overall GDP growth number because they subtract from GDP calculations.
- Manufacturing construction spending dropped by 22% compared to the prior year.
- Manufacturing employment has stayed steady at around 12.6 million workers.
- Inflation measures showed mixed results, with the Consumer Price Index (CPI) at 3.5% and the Personal Consumption Expenditures (PCE) price index rising by 5.1% annually in the second quarter.
- Hassett said strong investment and consumer spending suggest the economy is operating well despite slower headline GDP growth.
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