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MNI BRIEF: US 2Q GDP Below Expected -0.9%; Spending Slows

(MNI) Washington

U.S. GDP contracted by 0.9% in the second quarter, far below analyst expectations for a 0.4% gain, driven by decreases in inventory investment, housing and government spending, according to Wednesday's advance estimate by the Bureau of Economic Analysis.

Consumer spending also slowed to 1.0% in the quarter from 1.8% in the first quarter, the lowest since 2Q 2020 early in the pandemic. Services spending, particularly on restaurants and hotels and health care, picked up but was offset by a decrease in spending on goods.

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U.S. GDP contracted by 0.9% in the second quarter, far below analyst expectations for a 0.4% gain, driven by decreases in inventory investment, housing and government spending, according to Wednesday's advance estimate by the Bureau of Economic Analysis.

Consumer spending also slowed to 1.0% in the quarter from 1.8% in the first quarter, the lowest since 2Q 2020 early in the pandemic. Services spending, particularly on restaurants and hotels and health care, picked up but was offset by a decrease in spending on goods.

Keep reading...Show less