US real GDP growth slows down to 2%, may further decline

latest data shared by US Commerce Department indicated a furr slowdown in country’s ecomy as real GDP growth slowed to 2.0 per cent in second quarter, from 3.1 per cent in first quarter. According to U.S. Bureau of Ecomic Analysis, real value ded (RVA) by most of industries plummeted in second quarter. 

Leing contributor to deceleration

Finance and insurance industry group was leing contributor to deceleration which increased at a meagre 2 per cent after it increased at 20.9 per cent in first quarter. Retail tre increased by 0.2 per cent while it grew at 8.8 per cent in earlier quarter, becoming second leing contributor to deceleration.

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Retail and mining

ncy primarily attributed deceleration to a slowdown in or retail, including gasoline stations, building material and garden equipment and supplies dealers. Mining also showed some deceleration but was leing contributor to ecomic growth of United States with a 23.5 per cent increase in RVA.

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Hopeful after truce with China

slowdown has hampered ambition of White House to achieve a 3.0 per cent annual growth. But truce with China after a prolonged tre war can provide confidence to businesses. United States Tre Representative (USTR) is considering to extend certain exclusions from ditional tariffs for up to 12 months on $34 billion of Chinese imports. current exclusions, granted last year, are set to expire on December 28, 2019.

U.S. Tre Representative, in a statement, said that it will commence a process on vember 1 for such consideration. “ period for submitting comments will run from vember 1, 2019, to vember 30, 2019,” said USTR. Earlier on October 25, USTR h also said that both countries are ‘close to finalising’ on some parts of a “mini deal” anunced by US President Donald Trump.

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