U.S. economy grew at a moderate 2% annual rate last quarter
Washington – The U.S. economy slowed in the spring, and many economists think the slowdown will continue through the second half of the year, a possible headwind for President Donald Trump’s hopes that a surging economy will provide the backdrop for his 2020 re-election campaign.
The Commerce Department reports that the gross domestic product, the country’s broadest measure of economic health, advanced at a moderate 2% annual rate in the April-June quarter, down from a 3.1% gain in the first quarter. The new estimate was lower than the government’s initial estimate a month ago of 2.1% annual growth.
Trump has pledged to boost GDP growth to annual rates of 3% or better, but many economists see GDP slowing sharply after hitting 2.9% last year.