US economy expands at tepid 1.1% in spring
Print Edition
THE US economy expanded at a sluggish 1.1 percent pace this spring as businesses sharply reduced their stockpiles of goods and spent less on new buildings and equipment. Yet most analysts forecast much faster growth in the summer and fall, fueled by healthy consumer spending.
Yesterday’s estimate is slightly below the Commerce Department’s previous figure of 1.2 percent growth as measured by gross domestic product, the broadest gauge of the economy.
Consumers offset the corporate cutbacks in the April-June quarter by spending at the fastest pace in six quarters, Commerce said yesterday. That suggests steady job growth and modest pay gains are making Americans more confident and willing to spend.
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