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The United States economy expanded at an unrevised 1.5 per cent pace in the second quarter, though underlying details showed stronger consumer spending and business investment than initially reported.
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The annualized gain in inflation-adjusted gross domestic product compares with a 2.1 per cent advance in the first quarter, according to the second estimate issued Wednesday by the Bureau of Economic Analysis.
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Consumer spending, which comprises more than two-thirds of economic activity, increased an annualized 3.4 per cent, stronger than the initially estimated 3.2 per cent gain. Nonresidential fixed investment climbed at an 8.5 per cent pace.
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A narrower gauge of underlying demand, final sales to private domestic purchasers, rose a revised 4.2 per cent in the second quarter — the strongest in more than three years and compared with an initial estimate of 3.9 per cent. The measure excludes net exports, inventories and government spending.
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Government spending declined an annualized one per cent in the second quarter, reflecting a steep drop in nondefence-related outlays.
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Meanwhile, the personal consumption expenditures price index minus food and energy was revised up to an annualized 3.6 per cent rate from 3.4 per cent. Separate data out Wednesday showed a 0.2 per cent increase in the so-called core PCE price gauge in July from the prior month.
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That report also showed no change in real consumer spending during the month after more robust increases in the prior two months.
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