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Consumer Spending Drives U.S. Economic Expansion
A surge in consumer spending this spring fueled U.S. economy growth of 2.6% in Q2 2017. While the spurt countered weaker performance in Q1, it was less than the 4% goal set by President Donald Trump.
The Commerce Dept. reported quarterly GDP growth was double the 1.2% experienced in Q1 2017. The expansion was largely driven by a healthy consumer appetite for clothing and furniture, though firmer business investment also contributed.
The 2.6% growth in Q2 was the fastest pace since the economy expanded at a 2.8% rate in the third quarter of last year. Consumer spending, which accounts for 70% of economic activity, grew at a 2.8% rate, up from a 1.9% growth rate in Q1. GDP gains were in line with economists’ expectations.
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- ◦Economy
