Aug. 27 (Bloomberg) -- The U.S. economy grew at a 2.8 percent annual rate from April through June, slower than the government estimated last month as higher oil prices limited consumer spending and contributed to a record trade deficit.
Gross domestic product, the value of all goods and services produced, was the weakest in more than a year and compares with the 3 percent annual pace previously reported by the Commerce Department in Washington. The economy expanded at a 4.5 percent rate in the first quarter.
Oil prices approached $50 a barrel last week, prompting some economists to trim their second-half growth forecasts on expectations higher fuel bills will damp demand for other goods. Consumer spending in the second quarter grew at the weakest pace since the recession in 2001. Wal-Mart Stores Inc. cut its August sales estimate earlier this week.
``The question is whether the soft patch is being transferred into the third quarter,'' said Bill Natcher, an economist at National City Corp. in Cleveland, before the report. ``Oil is still in a range where it could act as a drag on the economy, but I think this is still more of a short-term phenomenon. Businesses are flush with cash and inventories are low, so the fundamentals are still in place for investment.''
Corporate profits after taxes for the quarter, reported for the first time today, rose 17.9 percent in the 12 months ended in June. Business investment in equipment and software was revised up in the April-June quarter to the strongest pace since the third quarter of last year.
Economists had predicted that GDP would rise 2.7 percent, based on the median estimate in a Bloomberg News survey of economists.
Dados EUA...U.S. Economy Grew at a 2.8% Annual Rate in Second Quarter novo
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27-08-2004 07:40
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