UPDATED:
8/26/2011 9:00:00 AM
Write a Letter to the Editor
Print This
The U.S. economy grew at a 1% annual rate in the second quarter, the Commerce Department said Friday, lowering an earlier estimate.
The gross domestic product growth rate followed a 0.4% first-quarter pace and was slightly below economists’ estimates of a 1.1% rate, Bloomberg reported.
The government last month estimated second-quarter growth at 1.3%. Friday’s GDP figure was the second of three to be released by Commerce.
Consumer spending, which accounts for about 70% of the economy, rose at a 0.4% rate, revised upward from the previous estimate of a 0.1% gain, Commerce said.
Follow Transport Topics on RSS Twitter Facebook
Print This
© 2011, Transport Topics Publishing Group. All rights reserved.
RELATED ARTICLES
Second-Quarter GDP Revised Down to 1% (8/26/2011 9:00:00 AM)
Trucking Shares Fall in Market Drop, But Analysts Confident of Industry (8/15/2011 8:00:00 AM)
Diesel Price Dips 1.2¢ to $3.937; Crude Oil Plunges Below $87 a Barrel (8/8/2011 1:05:00 AM)
Freight Tonnage Jumps 6.8% in June (8/1/2011 8:00:00 AM)
UPS Earnings Exceed $1 Billion In 2nd Quarter (8/1/2011 4:45:00 AM)
GDP Rose 1.3% in Second Quarter (7/29/2011 12:00:00 PM)