American consumers delivered for the U.S. economy last quarter. Household outlays for everything from clothing and food to utilities and vacations may have contributed about 2 percentage points, based on the Atlanta Fed’s estimates, to the projected 2.6 percent annualized gain in gross domestic product. A pickup in inventories probably also added to economic growth after subtracting from GDP last quarter, while business equipment investment made a smaller contribution. The Commerce Department will issue its first estimate of second-quarter GDP at 8:30 a.m. in Washington.
Source: Bloomberg Pro Terminal
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