The new figure was better than analysts’ expectations for a 1.4 percent rate, lower net exports and a smaller inventory gain being the major factors in the downward revision. The surge in imports subtracted a full 3.4 percentage points from economic growth, the biggest impact by the trade deficit in 63 years.
Consumer spending was revised upward, from a previously reported rate of 1.6 percent to 2 percent to offset other downward revisions, and business spending continued to be the major factor in the overall gain, increasing almost 25 percent from the first quarter.
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