Post Tagged with: "gross domestic product"

Oil Gains on U.S. Economic Data, Gulf Crude Tanker Dispute

Oil Gains on U.S. Economic Data, Gulf Crude Tanker Dispute

From Reuters Oil prices inched up on Friday, ending the week higher after stronger-than-expected U.S. economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply. Brent crude futures LCOc1 settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas Intermediate crude CLc1 settled at $56.20 a barrel, rising 18 cents. It gained about 1.2% on the week. U.S. economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption. “The data was net positive,” said John Kilduff, partner at Again Capital Management. “GDP beat expectations… consumer spending was just off the charts, but business spending was nearly as bad as consumer spending was good.” Broader economic slowing, particularly in Asia and Europe, could weaken crude demand outside of[Read More…]

US Economy Slowed to 2.1% Growth Rate in Second Quarter

US Economy Slowed to 2.1% Growth Rate in Second Quarter

From AP News The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy’s total output of goods and services, grew at a 2.1% annual rate last quarter, down from a 3.1% gain in the first quarter, the Commerce Department estimated Friday. But consumer spending, which drives about 70% of economic activity, accelerated to a sizzling 4.3% growth rate after a lackluster 1.1% annual gain in the January-March quarter, boosted in particular by auto sales. The resurgent strength in household spending was offset by a widening of the trade deficit and slower business inventory rebuilding. Economists also noted that business capital investment fell in the April-June quarter for the first time in three years. That weakness likely reflects some reluctance by businesses to commit to projects because of uncertainty surrounding President Donald Trump’s trade war with China. Indeed, most[Read More…]