U.S. economic Q2 growth unrevised at 2.0%

The Commerce Department reported on Thursday that its the "third" estimate revealed the U.S. gross domestic product (GDP) grew at a 2.0 percent annual rate in the second quarter of 2019, unchanged from the "second" estimate issued last month.

Economists had expected the growth rate to be unrevised at 2.0 percent.

In the first quarter, the economy expanded by 3.1 percent.

According to the report, downward revisions to personal consumption expenditures (PCE) and nonresidential fixed investment were primarily offset by upward revisions to state and local government spending and exports. Meanwhile, imports, which are a subtraction in the calculation of GDP, were revised down.

The increase in real GDP in the second quarter reflected positive contributions from PCE, federal government spending, and state and local government spending that were partly offset by negative contributions from private inventory investment, exports, nonresidential fixed investment, and residential fixed investment.

At the same time, the deceleration in real GDP in the second quarter primarily reflected downturns in inventory investment, exports, and nonresidential fixed investment. These downturns, however. were partly offset by accelerations in PCE and federal government spending.