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U.S. Second Quarter GDP Growth Unrevised At 2.1%
(RTTNews) - The pace of U.S. economic growth in the second quarter of 2023 was unrevised from the previous estimate, the Commerce Department revealed in a report released by on Thursday.
The Commerce Department said real gross domestic product increased by 2.1 percent in the second quarter, unrevised from the estimate provided last month. The unrevised reading matched economist estimates.
The unrevised GDP growth in the second quarter still reflects a slight slowdown compared to the 2.2 percent growth in the first quarter.
The report said downward revisions to consumer spending and federal government spending were offset by upward revisions to nonresidential fixed investment, exports, private inventory investment, and residential fixed investment.
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The U.S. trade deficit narrowed by slightly more than anticipated in the month of June, according to a report released by the Commerce Department on Tuesday.
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U.S. Construction Spending Unexpectedly Sees Further Downside In June
The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.
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U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July
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U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July
Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.
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U.S. Job Growth Misses Estimates In July, Previous Months' Numbers Revised Sharply Lower
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