US economy slows in Q2; weak business investment a red flag

WASHINGTON: US economic growth slowed less than expected in the second quarter as a surge in consumer spending blunted some of the drag from declining exports and a smaller inventory build, which could further allay concerns about the economy's health.

"Not bad considering we have the very heavy weight of the Federal Reserve anchor wrapped around our neck," Trump wrote on Twitter."Almost no inflation. USA is set to Zoom!" "The data makes one thing clear, the tax cuts did not result in a permanent shift upward in the growth path of the US economy," said Joe Brusuelas, chief economist at RSM in New York.

Spending is being supported by the lowest unemployment rate in nearly 50 years and helped offset some of the weakness from exports, which fell at a 5.2 per cent rate last quarter after growing in the first quarter.

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