{"id":2017052,"date":"2023-08-30T16:28:01","date_gmt":"2023-08-30T20:28:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economic-growth-at-2-1-percent-in-second-quarter-due-to-lower-business-spending\/"},"modified":"2023-08-30T16:31:10","modified_gmt":"2023-08-30T20:31:10","slug":"us-economic-growth-at-2-1-percent-in-second-quarter-due-to-lower-business-spending","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economic-growth-at-2-1-percent-in-second-quarter-due-to-lower-business-spending\/","title":{"rendered":"US economic growth in Q2 at 2.1% due to reduced business spending."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-economic-growth-at-2-1-percent-in-second-quarter-due-to-lower-business-spending%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2017052&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<p>U.S. economic growth rose\u2063 slightly less than expected in the second quarter of 2023 due to less business spending.<\/p>\n<p>The Bureau of Economic Analysis released its\u2064 second preliminary report on \u200cU.S.\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-official-trump-crushes-record-for-largest-gdp-increase-in-us-history-3rd-quarter-gdp-up-33-1\/\" title=\"IT'S OFFICIAL: Trump Crushes Record for Largest GDP Increase in US History -- 3rd Quarter GDP Up 33.1%\">gross domestic product<\/a> (GDP)\u2014the government\u2019s primary measure of domestic economic activity\u2014for the second quarter on Aug. 30,<\/p>\n<p>The\u200c nation&#8217;s GDP rose at a 2.1 percent annual\u2064 rate, which \u2062was higher than the\u200d preceding\u2062 quarter\u2019s rate of 2 percent, but below the\u200b previous estimate.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\">\n<div class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related \u2063Stories<\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/epochtv\/us-gdp-growth-not-heading-in-right-direction-chief-investment-strategist-5427346\">US \u2062GDP Growth \u2064Not Heading\u2062 in \u200dRight Direction: Chief\u200c Investment \u2064Strategist<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">7\/27\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/epochtv\/us-gdp-growth-not-heading-in-right-direction-chief-investment-strategist-5427346\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/article\/worsening-trade-could-adversely-affect-us-gdp-as-deficit-jumps-to-highest-level-in-six-months-5321551\">\u2018Worsening\u2019 \u2064Trade\u200d Could \u2063Adversely Affect US GDP as Deficit Jumps to Highest Level in \u2064Six Months<\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">6\/8\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/article\/worsening-trade-could-adversely-affect-us-gdp-as-deficit-jumps-to-highest-level-in-six-months-5321551\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>The data \u2063showed less business\u200c investment than \u200dhad \u2064been initially\u2064 reported, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economic-growth-at-2-1-percent-in-second-quarter-due-to-lower-business-spending\/\" title=\"US economic growth in Q2 at 2.1% due to reduced business spending.\">outweighing stronger consumer \u200dspending<\/a>.<\/p>\n<h2>Economic Growth Remains \u200cSteady<\/h2>\n<p>The latest report is \u2064a sign\u2064 that the economy remains steady, despite the Federal Reserve raising interest\u2063 rates for more than a year\u200d in its\u200d efforts to curb inflation.<\/p>\n<p>Real \u200bGDP \u2064growth rose\u2063 by 2.4 percent, reflecting less inventory \u200band non-residential fixed investment.<\/p>\n<p>&#8220;GDP is growing because businesses are vertically\u200b integrating their supply chains, so they don&#8217;t\u2062 have to go outside of the country,&#8221; RedBalloon CEO Andrew Crapuchettes told The\u2062 Epoch Times.<\/p>\n<p>&#8220;Due to geopolitical tensions and conflict,\u200d supply chains to the U.S. can be easily disrupted,&#8221; \u2063he added.<\/p>\n<p>&#8220;Because\u200b of this move, there has been\u2063 growth in the \u2062industrial sector which the GDP number\u2064 measures well. \u200dThe recent JOLTS\u200c report confirms this as there has been a huge demand in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tom-cotton-marks-20-years-of-chinas-great-hollowing-of-u-s-industrial-base-economy-and-working-class\/\" title=\"Tom Cotton Marks 20 Years of China's 'Great Hollowing' of U.S. 'Industrial Base, Economy, and Working Class'\">blue-collar jobs<\/a>.&#8221;<\/p>\n<p>The publication of the\u200c Job Openings\u200b and Labor Turnover Survey\u2064 (JOLTS) showed that the number of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/job-openings-post-biggest-drop-since-start-of-pandemic\/\" title=\"Job Openings Post Biggest Drop Since Start of Pandemic\">job openings fell<\/a>\u200b to 8.8 million last month, the lowest number\u200b in over\u2064 two years.<\/p>\n<p>The U.S. labor\u200b market has held \u2062up well in spite of \u200cthe policy rate hikes,\u200c but there were some signs of softening.<\/p>\n<p>The next employment report, which measures\u200d the \u2064job market\u2063 performance in August, will be released on Sept. 1.<\/p>\n<h2>Fear\u2064 of \u2064US Recession in 2023 Ebbs<\/h2>\n<p>Consumer spending, which is measured by \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thanks-to-stricter-democrat-shutdowns-the-us-economy-in-november-and-december-contracted-after-record-setting-3rd-quarter\/\" title=\"Thanks to Stricter Democrat Shutdowns the US Economy in November and December Contracted After Record Setting 3rd Quarter\">personal consumption expenditures<\/a> and\u2062 is the main\u200b driver of the American economy, was\u200c revised higher\u2064 to 1.7 percent.<\/p>\n<p>Disposable \u2063personal income was revised\u200d to $284.5 \u2063billion, or 5.9 percent in the second quarter, while personal savings rose to $892.3 billion, an upward revision of $22.7 billion \u2063from the previous estimate.<\/p>\n<p>Gross domestic income\u2062 (GDI),\u200c which\u2063 is the amount\u200b of revenue generated and expenditures\u200d incurred from producing goods \u2063and services, rose 0.5 percent after declining for two consecutive quarters.<\/p>\n<p>The average of real GDP and \u2064GDI, which \u2064officially determines the timing\u2064 of business\u2063 cycles,\u200d followed the average closely, rising\u200d 1.3\u200c percent for the quarter, the\u2063 best result in nearly a year.<\/p>\n<p>The persistently strong labor market \u2062and solid\u2063 consumer \u2063spending continues to\u2062 drive the economy, leading many economists to \u2064push\u2063 their recession forecasts \u2062down the road, or drop\u2064 them entirely.<\/p>\n<p>A decline in GDP is\u2062 the\u200b biggest indicator of an economic downturn\u2064 or recession,\u2064 and the two quarters \u200dof positive growth have\u2062 encouraged economists, who had earlier predicted \u2064over the past \u200dyear that the \u2062United States would be \u200din \u200bheading toward a \u200drecession by now.<\/p>\n<h2>Fed\u200c Likely to\u2062 Raise\u2062 Interest\u200b Rates in Near \u200dFuture<\/h2>\n<p>Meanwhile, any \u2062further acceleration\u2064 in \u200deconomic activity may force the Fed to hike \u2064rates again\u2063 to \u2064ensure a slowdown output and reduce inflation.<\/p>\n<p>According to the\u2063 latest\u200c Consumer Price Index data, inflation had\u2064 sl<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. economic growth in Q2 2023 fell slightly below expectations due to reduced business spending. The Bureau of Economic Analysis published its second preliminary report on Aug. 30, revealing a 2.1% annual increase in the nation&#8217;s GDP, which serves as the primary measure of domestic economic activity.<\/p>\n","protected":false},"author":327,"featured_media":2017053,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2017052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2017052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/327"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2017052"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2017052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2017053"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2017052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2017052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2017052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}