The US economy grew stronger than expected in the second quarter, but consumers are pulling back
1 year, 4 months ago

The US economy grew stronger than expected in the second quarter, but consumers are pulling back

CNN  

Washington CNN — The US economy picked up steam in the second quarter despite punishing rate hikes and still-high inflation, the Commerce Department reported Thursday. Consumer spending, which accounts for about two-thirds of economic output, grew at just a 1.6% rate in the second quarter, down sharply from a 4.2% rate in the first three months of the year. “In terms of what’s driving consumers’ ability to spend, rather than relying on stimulus and and stocked-up savings or cash that they accumulated throughout the pandemic, now, that tight labor market is translating into real income gains as inflation slows, which I think is a important tailwind for spending,” Shannon Seery, an economist at Wells Fargo’s Corporate and Investment Bank, told CNN. Seery said consumers have also “shifted their spending patterns in terms of their actual consumption,” which was reflected in consumers cutting back on durable goods purchases in the second quarter, specifically cars and parts. “Thursday’s better-than-expected second-quarter GDP print is supportive of the soft landing scenario, as it’s clear that the Federal Reserve has yet to cause a recession even after its many rate hikes over the past year, and inflation is coming down, which is the exact outcome investors were hoping for,” wrote Carol Schleif, chief investment officer at BMO Family Office, in an analyst note.

Economy Growth Market Inflation Investment Spending Consumer Spending Second Cnn Fed Quarter Rate Consumers Economic Output  economy  spending  stronger  quarter  rate  second  inflation  investment  consumers  pulling  growth  market  grew  expected  fed

History of this topic

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate
5 days, 15 hours ago

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate

Associated Press  

WASHINGTON — The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in U.S. gross domestic product — the economy’s output of goods and services — accelerated from the April-July rate of 3% and …

US Economy Expands 2.8% In Q3, Driven By Strong Consumer Spending
3 weeks, 5 days ago

US Economy Expands 2.8% In Q3, Driven By Strong Consumer Spending

ABP News  

The US economy grew at a robust annual rate of 2.8 per cent from July to September, driven by solid consumer spending and a surge in exports, the government reported on Wednesday. Consumer spending, which drives about 70 per cent of US economic activity, accelerated to a 3.5 per cent annual rate in the third quarter, up from 2.8 per …

US Q3 GDP data: US economy grows 2.8% YoY in third quarter on steady consumer spending
3 weeks, 6 days ago

US Q3 GDP data: US economy grows 2.8% YoY in third quarter on steady consumer spending

Live Mint  

The US economy expanded steadily in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment. Gross domestic product increased at a 2.8 percent annualized pace in the third quarter, the second estimate of the Bureau of Economic Analysis figures showed Wednesday. The government’s other main gauge of economic activity — gross domestic income …

US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate
Trending News
3 weeks, 6 days ago

US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate

Associated Press  

WASHINGTON — The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth. Still, American voters — exasperated by high prices — were unimpressed by the steady growth and chose this month to return Donald Trump …

America’s economy explains a lot about why Trump got reelected
1 month, 2 weeks ago

America’s economy explains a lot about why Trump got reelected

CNN  

CNN — Donald Trump’s decisive election victory was about many things: a global rejection of incumbents, a rise in the Republican electorate and a battle for the future of America’s democracy. Why the US economy stings so much Housing: America’s home prices have reached new record highs for 15 straight months. That’s a healthy pace by any measure, and it’s …

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending
1 month, 3 weeks ago

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending

Huff Post  

LOADING ERROR LOADING WASHINGTON — The U.S. economy grew at a healthy 2.8% annual rate from July through September, with consumers helping drive growth despite the weight of still-high interest rates. Wednesday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — slowed slightly from its 3% growth rate in …

The U.S. economy is growing solidly. Here's what's working — and what's not
1 month, 3 weeks ago

The U.S. economy is growing solidly. Here's what's working — and what's not

NPR  

The U.S. economy is growing solidly. Here's what's working — and what's not toggle caption Spencer Platt/Getty Images With just days before Election Day, the U.S. just got its latest economic report card — and it's good, even if many people don't feel that way. toggle caption Anna Rose Layden/Getty Images The healthy labor market and stronger spending bode well …

GDP: How consumers saved the day as government spending slowed during polls
3 months, 3 weeks ago

GDP: How consumers saved the day as government spending slowed during polls

Live Mint  

The Indian economy grew 6.65% in the first quarter of the current financial year, a notable slowdown from the 7.76% recorded in the previous quarter. For much of last year, even as GDP growth kept breaching the 8% mark, private consumption lagged at the halfway mark, raising concerns about the robustness of the growth momentum. In the June-ended quarter, however, …

U.S. shoppers sharply boosted spending at retailers in July despite higher prices
4 months, 1 week ago

U.S. shoppers sharply boosted spending at retailers in July despite higher prices

LA Times  

Americans stepped up their spending at retailers last month by the most in a year and a half, easing concerns that the economy might be weakening under the pressure of higher prices and elevated interest rates. The Commerce Department reported Thursday that retail sales jumped 1% from June to July, the biggest such increase since January 2023, after having declined …

US economic growth increased last quarter to a healthy 2.8% annual rate
5 months ago

US economic growth increased last quarter to a healthy 2.8% annual rate

Associated Press  

WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. the Fed thinks that it’s getting close …

U.S. economic growth increased last quarter to a healthy 2.8% annual rate
5 months ago

U.S. economic growth increased last quarter to a healthy 2.8% annual rate

LA Times  

Amazon employees in South Gate load packages on carts before putting them on trucks for delivery last week as part of the company’s Prime Day event. The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose …

US economic growth for last quarter is revised up slightly to a 1.4% annual rate
5 months, 3 weeks ago

US economic growth for last quarter is revised up slightly to a 1.4% annual rate

Associated Press  

WASHINGTON — The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said Thursday in a slight upgrade from its previous estimate. The Commerce Department had previously estimated that the gross domestic product — the economy’s total output of goods and services — advanced at a 1.3% rate …

US economic growth last quarter revised down from 1.6% to 1.3%, inflation cools
6 months, 3 weeks ago

US economic growth last quarter revised down from 1.6% to 1.3%, inflation cools

Hindustan Times  

The U.S. economy grew more slowly in the first quarter than previously estimated after downward revisions to consumer and equipment spending and a key measure of inflation ticked down, keeping the Federal Reserve on track to possibly begin cutting interest rates before the end of the year. Details of the report showed that consumer spending growth, revised down by 0.5 …

US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending
6 months, 3 weeks ago

US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Commerce Department had previously estimated that the nation’s …

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up
7 months, 4 weeks ago

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up

Hindustan Times  

The US economy expanded less than projected in the first three months of 2024 as exports and consumer spending declined, confirming the expectations of the financial markets that the Federal Reserve would postpone rate-cutting until September. The first quarter saw the US economy rise by 1.6 percent, according to the government data. The first quarter saw the world's largest economy …

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
8 months ago

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

Associated Press  

WASHINGTON — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Gregory Daco, chief economist at the tax and consulting firm EY, noted that the underlying economy looks solid, though it’s slowing from last …

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates
8 months ago

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates

LA Times  

Robots assemble solar panels at the Hanwha Qcells Solar plant in Dalton, Ga., in 2023. On Thursday, the government reported that U.S. economic growth slowed sharply last quarter to a 1.6% annual pace. The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic …

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
8 months, 3 weeks ago

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. In the …

China's key economic indicators pick up pace
9 months, 1 week ago

China's key economic indicators pick up pace

China Daily  

China's economy gained more steam in the first two months of 2024 with improvement in key indicators, including production and investment, the National Bureau of Statistics said on Monday. China's value-added industrial output - a gauge of activity in the manufacturing, mining and utilities sectors - grew by 7 percent in the January-February period from a year earlier after a …

China's key economic indicators pick up pace
9 months, 1 week ago

China's key economic indicators pick up pace

China Daily  

China's economy gained more steam in the first two months of 2024 with improvement in key indicators, including production and investment, the National Bureau of Statistics said on Monday. China's value-added industrial output - a gauge of activity in the manufacturing, mining and utilities sectors - grew by 7 percent in the January-February period from a year earlier after a …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Associated Press  

WASHINGTON — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. U.S. growth has now topped 2% for six straight quarters, defying fears that high interest rates would tip the world’s largest economy into a recession. The …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The U.S. economy grew at …

Recession has struck some of the world’s top economies. The US keeps defying expectations
10 months, 1 week ago

Recession has struck some of the world’s top economies. The US keeps defying expectations

Associated Press  

NEW YORK — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along. Yet in the United States, the economy motored ahead in last year’s fourth quarter for a sixth straight quarter of growth. It’s blown past many predictions coming into last year that a recession seemed inevitable because of high interest rates meant …

Report: US economy grew faster than any other G7 country last year
10 months, 3 weeks ago

Report: US economy grew faster than any other G7 country last year

Daily Mail  

America's economy is growing at a faster pace than any other G7 country in part thanks to a post-pandemic productivity boom, experts say. The IMF World Economic Outlook report estimates the US economy grew by 2.5 percent in 2023 - and is set for a similar 2.1 percent growth in 2024. Figures released today show US worker productivity grew at …

US economy sees remarkable growth at 3.3% in fourth quarter than expected
10 months, 4 weeks ago

US economy sees remarkable growth at 3.3% in fourth quarter than expected

Hindustan Times  

The US economy remained startlingly sound in the fourth quarter to finish out a remarkably great 2023 as individuals and businesses continued to spend freely, despite high interest rates and price levels that have annoyed many households. The most recent data highlighted the surprisingly resilient nature of the largest economy in the world, with GDP growing at an annual rate …

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up
10 months, 4 weeks ago

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up

Daily Mail  

Consumers and businesses have continued to spend despite high interest rates The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to spend. The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to …

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience
11 months ago

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience

Associated Press  

WASHINGTON — The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated …

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter
11 months ago

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter

CBS News  

The nation's economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday's report from the Commerce Department said the gross domestic product — the economy's total output of goods and services — decelerated from its …

US economic growth for last quarter is revised up to a 5.2% annual rate
1 year ago

US economic growth for last quarter is revised up to a 5.2% annual rate

Associated Press  

WASHINGTON — Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate. Consumer spending, the lifeblood of the economy, rose at a 3.6% annual rate from July through September — still healthy but a downgrade …

US economic growth for last quarter is revised up to a 5.2% annual rate
1 year ago

US economic growth for last quarter is revised up to a 5.2% annual rate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shrugging off higher interest rates, …

US consumers keep spending briskly even in the face of persistent inflation and high interest rates
1 year, 1 month ago

US consumers keep spending briskly even in the face of persistent inflation and high interest rates

Associated Press  

WASHINGTON — An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk consumer spending and strong economic growth. Taken as a whole, the figures the government issued Friday show a still-surprisingly resilient consumer, willing to spend briskly enough to power the economy even in the face of persistent inflation and …

US economy grows at its fastest rate in TWO YEARS after households splashed out on Taylor Swift concerts and Barbie tickets - but experts warn trend is finally starting to slow
1 year, 1 month ago

US economy grows at its fastest rate in TWO YEARS after households splashed out on Taylor Swift concerts and Barbie tickets - but experts warn trend is finally starting to slow

Daily Mail  

That is the highest growth in almost two years - spurred by consumer spending US GDP accelerated 4.9 percent in Q3, according to the Commerce Department The US economy grew last quarter at its fastest rate in nearly two years thanks to a surge in consumer spending. Consumer spending was up 4 percent, up from just 0.8 percent last quarter, …

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes
1 year, 1 month ago

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes

Associated Press  

WASHINGTON — The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace. The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years — and more than twice the 2.1% …

U.S. economic growth accelerated to 4.9% last quarter as consumers shrugged off Fed rate hikes
1 year, 1 month ago

U.S. economic growth accelerated to 4.9% last quarter as consumers shrugged off Fed rate hikes

LA Times  

Shoppers look over blankets on sale in a Costco warehouse in Sheridan, Colo. The Commerce Department on Thursday said the economy expanded last quarter at the fastest pace in nearly two years. The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession …

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection
1 year, 2 months ago

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection

Associated Press  

WASHINGTON — The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged. The second-quarter expansion of the nation’s gross domestic product — its total output of goods and services — marked a modest deceleration from the economy’s …

US economic growth for last quarter is revised down to a 2.1% annual rate
1 year, 3 months ago

US economic growth for last quarter is revised down to a 2.1% annual rate

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.1% annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said Wednesday in a downgrade from its initial estimate. The Commerce Department’s second estimate of growth last quarter marked a slight acceleration from a 2% annual growth rate from …

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes
1 year, 4 months ago

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes

Associated Press  

WASHINGTON — The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight to bring down inflation. Consumer spending, the heart of the nation’s economy, was also solid last quarter, though it slowed to a 1.6% annual rate …

US economy grew faster than expected in Q2
1 year, 4 months ago

US economy grew faster than expected in Q2

Al Jazeera  

The US economy grew faster than expected in the second quarter as labour market resilience supported consumer spending, while businesses boosted investment in equipment, potentially keeping a much-feared recession at bay. The government’s measure of inflation in the economy, the price index for gross domestic purchases, increased at a 1.9 percent rate, slowing from the 3.8 percent pace logged in …

US economic growth last quarter is revised up sharply to a 2% annual rate
1 year, 5 months ago

US economic growth last quarter is revised up sharply to a 2% annual rate

Associated Press  

WASHINGTON — Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3% annual rate. Despite …

US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate
1 year, 6 months ago

US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The steady slowdown in the nation’s economic growth is a consequence of the Federal Reserve’s aggressive drive to tame inflation, with 10 …

US economy grew at weak 1.1% rate in Q1 in sign of slowdown
1 year, 7 months ago

US economy grew at weak 1.1% rate in Q1 in sign of slowdown

Associated Press  

WASHINGTON — The U.S. economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced their inventories. The economy’s slowdown reflects the impact of the Federal Reserve’s aggressive drive to tame inflation, with nine interest rate hikes over the past year. “We continue to expect the …

US economy slows sharply in January-March quarter
1 year, 7 months ago

US economy slows sharply in January-March quarter

Al Jazeera  

The US economy slowed sharply from January through March, decelerating to just a 1.1 percent annual pace as higher interest rates hammered the housing market and businesses reduced their inventories. “We continue to expect the drag from higher interest rates and tightening credit conditions to push the economy into a mild recession soon.″ Many economists have said the cumulative impact …

US consumer spending surges in January, inflation heats up
1 year, 10 months ago

US consumer spending surges in January, inflation heats up

Al Jazeera  

US consumer spending increased by the most in nearly two years in January amid a surge in wage gains. US consumer spending increased by the most in nearly two years in January amid a surge in wage gains, while inflation accelerated, adding to financial market fears that the Federal Reserve could continue raising interest rates through summer. “This report means …

US revises down last quarter’s economic growth to 2.7% rate
1 year, 10 months ago

US revises down last quarter’s economic growth to 2.7% rate

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.7% annual rate from October through December, a solid showing despite rising interest rates and elevated inflation, the government said Thursday in a downgrade from its initial estimate. The Commerce Department’s revised estimate of the fourth quarter’s gross domestic product — the economy’s total output of goods and services — marked a …

US inflation and consumer spending cooled in December
1 year, 10 months ago

US inflation and consumer spending cooled in December

Associated Press  

WASHINGTON — The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices rose 5% last month from a year earlier, down from a 5.5% year-over-year increase in November. Last year’s holiday …

US economy slowed but still grew at 2.9% rate last quarter
1 year, 10 months ago

US economy slowed but still grew at 2.9% rate last quarter

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. “From the Fed’s perspective, a desired slowdown in the economy will be welcome news.” Consumer spending, which fuels about 70% of the entire economy, rose at a …

U.S. economy slowed but still grew at 2.9% rate last quarter
1 year, 10 months ago

U.S. economy slowed but still grew at 2.9% rate last quarter

LA Times  

An employee works in the battery assembly hall at the BMW Spartanburg plant in Greer, S.C., on Oct. 19. The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the nation’s …

US economy grew 3.2% in Q3, an upgrade from earlier estimate
2 years ago

US economy grew 3.2% in Q3, an upgrade from earlier estimate

Associated Press  

WASHINGTON — Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter growth. Still, many economists expect the economy to slow and probably slip into recession next year under the pressure of higher …

US revises up last quarter’s economic growth to 2.9% rate
2 years ago

US revises up last quarter’s economic growth to 2.9% rate

Associated Press  

WASHINGTON — Despite high interest rates and chronic inflation, the U.S. economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate. Last quarter’s rise in the U.S. gross domestic product — the economy’s total output of goods and services — followed two straight quarters of contraction. That …

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