The U.S. economy slowed in the second quarter, but the strongest growth in consumer spending in 4 1/2 years amid a strong labor market could further temper financial market expectations of a recession.
MSN reported that gross domestic product increased at a 2% annualized rate, the Commerce Department said in its second reading of second-quarter GDP on Thursday. That was a downward revision from the 2.1% pace estimated last month.
The economy grew at a 3.1% rate in the January-March quarter. It expanded 2.6% in the first half of the year. The small downward revision was in line with economists’ expectations.
The economic expansion, now in its 11th year, is under threat from the Trump administration’s year-long trade war with China, which has undercut business investment and manufacturing.
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