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

Why it matters locally: While the national economic growth rate saw a modest deceleration, increased consumer spending nationally could still positively influence local retail sectors and service industries across South Carolina.

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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.