GDP falls at a 0.9 per cent annualized rate after a 1.6 per cent decline in the first three months of the year. Read more here
Gross domestic product fell at a 0.9 per cent annualized rate after a 1.6 per cent decline in the first three months of the year, the Commerce Department’s preliminary estimate showed Thursday. Personal consumption, the biggest part of the economy, rose at a 1 per cent pace, a deceleration from the prior period.
Two-year Treasury yields tumbled after the report reduced chances of further aggressive Fed rate increases, while U.S. stock futures remained lower and the dollar erased gains. A key gauge of underlying demand that strips out the trade and inventories components — inflation-adjusted final sales to domestic purchasers — fell at a 0.3 per cent pace in the second quarter compared with a 2 per cent gain in the prior period.
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