US Economy Grows by 2.8 percent in Q2

The US economy grew by 2.8 percent in the second quarter of this year, after growing by 1.4 percent year-on-year in the first quarter. Data from the US Department of Commerce released Thursday showed that the US economy grew more than expected during the second quarter of this year, mainly reflecting increased consumer spending, investment in private inventory, and investment in non-residential fixed assets. As for inflation, the ministry's report stated that the consumer spending price index rose by 2.6 percent during the second quarter, compared to a 3.4 percent annual increase during the first quarter. It pointed out that the core price index, which excludes the most volatile commodities such as food and energy, rose by 2.9 percent during the second quarter, compared to 3.7 percent during the first quarter. Source: Qatar News Agency