US GDP growth revised down in second quarter
By Benjamin Chiou
Date: Wednesday 30 Aug 2023
(Sharecast News) - US economic growth was less than expected in the second quarter of 2023, official revised estimates out on Wednesday showed.
US gross domestic product expanded by just 2.1% between April and June, compared with the 'advance' estimate of 2.4% growth, according to the Bureau of Economic Analysis.
However, it was slightly higher than the revised 2% growth seen in the first quarter.
"The updated estimates [for the second quarter] primarily reflected downward revisions to private inventory investment and non-residential fixed investment," a statement from the BEA said.
Current-dollar personal income increased $232.1bn in the second quarter, down $3.9bn from the initial estimate, while disposable personal income was revised up by $36.3bn to $284.5bn.
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