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U.S. GDP growth slows to 1.5% in second quarter, BEA says

The BEA said the slowdown came despite consumer spending rising 3.2% and business investment jumping at an 8.4% pace.

Reported · Written up by our desk · Energy

The U.S. economy expanded at a weaker pace in the second quarter than most economists expected, with real GDP rising 1.5% in the Bureau of Economic Analysis first estimate issued Thursday, OilPrice reports.

OilPrice said the increase was driven by higher consumer spending and business investment, but partly offset by a decline in government spending.

According to the BEA data cited by OilPrice, consumer spending rose at a 3.2% rate, while nonresidential fixed investment grew at an 8.4% pace.

OilPrice added that a decrease in volatile net exports masked underlying demand strength, as imports increased, which subtracts from GDP in the calculation.

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