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Thursday, July 31, 2008
US GDP Expands 1.9% in Second Quarter
FOXBusiness
The U.S. Commerce Department said the nation’s economy grew at a tepid 1.9% annual rate in the second quarter of the year, primarily boosted by the $160 billion in stimulus checks sent out to consumers in May and June.
That figure, however, was below Wall Street economist expectations of a growth rate of 2.3%, according to data provided by Thomson Reuters.
The first quarter 2008 and fourth quarter 2007 gross domestic product growth rates were revised downward however, the Commerce Department said.
Fourth quarter GDP was revised to a negative 0.2% annual rate, while first quarter GDP was revised to a 0.9% annual rate.
GDP is the broadest indicator of a nation’s economy as total sum of all goods and services sold in a select period of time. It is also used by economists as the official gauge of when an economy enters or exists a recession.
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