The U.S. economy grew at an annual rate of 2.1% during the second quarter of 2019 following first-quarter growth of 3.1%, according to The Washington Post.
Consumer and federal government spending accounted for much of U.S. growth. Americans spent heavily during the spring, and federal spending surged after the partial shutdown during the first quarter. However, business spending was negative for the first time since early 2016; some executives attribute the decreased spending to uncertainty regarding Trump’s trade war.
The Federal Reserve is expected to lower interest rates at its meeting this week; it has been hinting at a cut since early June, which many say is a key reason stocks again hit record highs and business sentiment has experienced a modest rebound.
