Second quarter GDP gains speed on consumer spending

Fri, Jul 31, 2015 - 5:50 AM

Households used some of the windfall from cheaper petrol in late 2014 and early this year to go shopping. The strengthening labour market also encouraged consumers to loosen their purse strings.

PHOTO: BLOOMBERG

Washington

US economic growth accelerated in the second quarter as a pick-up in consumer spending offset the drag from soft business spending on equipment, suggesting a steady momentum that could bring the Federal Reserve closer to hiking interest rates this year.

Gross domestic...

To continue reading

for full content

if you are a subscriber

Get our introductory offer at only

$0 .99*/month

Cancel anytime

*$0.99/month for first 3 months

$29.90/month for the next 9 months

Need help?

CALL +65 6388 3838 EMAIL btocs@sph.com.sg

OPERATING HOURS (+8 GMT) MON-FRI: 8:30AM-5:30PM

Register to read this article. Log in if you are already a subscriber. Register to read this article. Log in if you are already a subscriber. Please log in or subscribe to continue reading.