US GDP slightly slows in '23 2Q

WASHINGTON, Aug 30 (KUNA) -- The US Real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2023, according to the "second" estimate, said the Department of Commerce Wednesday.

That's a slightly slower pace than the 2.4% initially estimated, according to data by the Department's Bureau of economic Analysis.
In the first quarter, real GDP increased 2.0 percent. The increase in the second quarter primarily reflected increases in consumer spending and business investment that were partly offset by a decrease in exports, noted the report.
Imports, which are a subtraction in the calculation of GDP, decreased. Profits decreased 0.4 percent at a quarterly rate in the second quarter after decreasing 4.1 percent in the first quarter.
The GDP revision downward is one of several economic data points indicating slowing growth in the economy since Federal Reserve Chair Jerome Powell warned the central bank was monitoring signs the US economy "may not be cooling as expected" during his speech at the Jackson Hole Economic Symposium on August 25. (end) rsr.hb.