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- U.S. economy contracts less than initially thought in Q2
U.S. economy contracts less than initially thought in Q2
A report from
the Commerce Department showed on Thursday that the U.S. economy contracted less
than initially thought in the second quarter of 2020, as private inventory
investment and personal consumption expenditures (PCE) decreased less than
previously estimated.
According to
the second estimate, the U.S. gross domestic product (GDP) fell at a 31.7
percent annual rate in the second quarter, slower than a 32.9 percent drop
reported in the advance estimate.
Economists had
expected the decline rate to be revised to 32.5 percent, following the first
quarter's decrease of 5.0 percent.
The decrease in
real GDP in the second quarter reflected declines in PCE, exports,
nonresidential fixed investment, private inventory investment, residential
fixed investment, and state and local government spending that were partly
offset by an advance in federal government spending. Imports, which are a
subtraction in the calculation of GDP, dropped.
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