U.S. Economy Sees Modest Growth, Consumer Spending Increases in Spring Quarter

Why it matters locally: Virginia's economy, being diverse and closely tied to national trends, will likely mirror the modest national growth. Increased consumer spending nationwide could benefit Virginia businesses, particularly in sectors like retail and hospitality that rely heavily on discretionary income.

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Washington, D.C. — The U.S. economy experienced an annual growth rate of 1.5% during the spring quarter, the Commerce Department announced. This figure indicates a modest deceleration compared to the economic growth observed in the preceding three-month period. While the overall growth rate slowed, consumer spending intensified during April, May, and June. Americans continued their purchasing activities, contributing to the economic expansion. Joe Raedle captured an image depicting consumer spending that continued to support the U.S. economy.