U.S. economy grows 2.6% in Q2![]() July 28, 2017 - 17:25 AMT PanARMENIAN.Net - The U.S. economy grew by 2.6% in the second quarter, according to Commerce Department figures, SkyNews reports. The growth was mainly put down to a recovery in consumer spending, following a slow performance during the winter. Consumer spending makes up more than two-thirds of the American economy and it grew at a rate of 2.8% during the second quarter, up from the 1.9% of the previous quarter. Despite this, the growth figure still fell short of the optimistic goals set by U.S. President Donald Trump. Trump had campaigned on a promise of tax cuts and regulatory relief which he hoped would boost growth to 4% or better but his economic programme has not moved forward in Congress. There are also fears that, as annual wage growth struggles to get above 2.5%, consumer spending will once again come under pressure. Business spending was up by 8.2% in the second quarter, the best result since the third quarter of 2015 and the third consecutive increase. Trade contributed 0.18% to the growth figure but housing contracted at 6.8%, its worst performance since the third quarter of 2010. Meanwhile, growth for the first quarter was revised down to 1.2% instead of the previously reported 1.4%. On news of the 2.6% growth, the dollar fell against a number of currencies but prices for U.S. government bonds were up. Related links: ![]() ![]() Azerbaijani authorities report that they have already resettled 3,000 people in the Nagorno-Karabakh town of Stepanakert. On June 10, Azerbaijani President of Azerbaijan Ilham Aliyev will leave for Turkey on a working visit. Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. ![]() ![]() Partner news | ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() |