U.S. second-quarter growth rate cut to 2.1% on business spending

Gross domestic product rose at a revised 2.1 per cent annualized pace in the second quarter, below the government’s previous estimate. The downward revision to GDP reflected less inventory and nonresidential fixed investment. Household spending, the engine of the US economy was revised higher, to a 1.7 per cent pace.

The average of the two measures rose 1.3 per cent, the most in nearly a year. The group that officially determines the timing of business cycles watches the average closely. While that strength has led many to push out their recession forecasts — or scrap them altogether — a sustained acceleration in activity could force the Federal Reserve to step on the brakes harder to ensure inflation continues to fall.The report also includes the government’s first estimate of corporate profits in the quarter. Adjusted pretax corporate profits fell 0.4 per cent in the April to June period, reflecting a drop at financial corporations. From a year earlier, profits were down 6.

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U.S. consumer confidence wanes with prices still high and signs of a cooling job marketAmericans are feeling less confident financially as summer comes to a close and high prices and interest rates weigh on their willingness to spend.
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