China News Agency, Washington, August 25 (Reporter Sha Hanting) The revised data released by the US Department of Commerce on the 25th local time showed that the US gross domestic product (GDP) in the second quarter of this year fell by 0.6% at an annual rate, compared with the end of last month. The initial data released was revised up by 0.3 percentage points, still the second consecutive quarter of contraction.
The data showed that personal consumption expenditures, which accounted for about 70% of the U.S. economy in the quarter, increased by 1.5%, an increase of 0.5 percentage points from the initial data; non-residential fixed asset investment, which reflects the state of corporate investment, saw zero growth, an increase of 0.1 percentage points from the initial data; Federal government spending fell 3.9%, and state and local government spending also fell 0.6%.
In addition, the contribution of net exports to economic growth was 1.42 percentage points, a decrease of 0.01 percentage points from the initial data; private inventory investment dragged down the economy by 1.83 percentage points, slightly better than the initial data.
According to US media reports, by convention, if the economy declines for two consecutive quarters, it is regarded as entering a recession.
However, economists believe that although the U.S. economy has declined for two consecutive quarters, at present, the decline is only temporary. The two major factors driving economic growth, personal consumption and business investment, are still strong, indicating that the economic growth momentum is still good. .
There are also experts who believe that the possibility of bringing the economy into recession is increasing as the Federal Reserve raises interest rates in a row to reduce inflation.
The Commerce Department typically makes three estimates of quarterly economic data based on constantly improving information.
The final economic data for the second quarter of this year will be released on September 29.
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