Home / Knowledge / News / Textiles / US real GDP increases 2.3% in Q2 2015
US real GDP increases 2.3% in Q2 2015
01
Aug '15
United States real gross domestic product (GDP) increased 2.3 per cent at an annual rate in the second quarter of 2015, which is an increase from a 0.6 per cent annual growth rate in the previous quarter, the US Commerce Department's Bureau of Economic Analysis (BEA) said in its first estimate of GDP growth for the second quarter of 2015.
 
“Today's advance estimate of real GDP growth demonstrates that our economy continues to improve,” said US secretary of commerce Penny Pritzker. “Through our 'Open for Business Agenda,' the Department of Commerce is committed to creating the conditions for continued business and job growth by supporting advanced manufacturing, fostering innovation, increasing trade and investment, and equipping our workers with the skills and training needed to succeed in a competitive global economy.”
 
The second-quarter increase in real GDP mainly reflected an increase in consumer spending on both durable goods, notably motor vehicles and parts, and nondurable goods increased. Spending on services, mainly household services, also increased.
 
Exports, state and local government spending, and residential fixed investment also contributed to the rise in real GDP, the BEA advance estimate said.
 
However, these contributions to the increase in real GDP were partly offset by decreases in federal government spending, inventory investment, and business investment. In addition, imports—a subtraction in the calculation of GDP—increased.
 
BEA also released its 2015 annual revision of the national income and product accounts. For 2011-2014, real GDP rose at an average annual rate of 2.0 per cent; in the previously published estimates, the real GDP growth rate was 2.3 per cent.
 
Meanwhile, prices of goods and services purchased by US residents, i.e. prices of gross domestic purchases increased 1.4 per cent in the second quarter after decreasing 1.6 per cent in the first quarter. Energy prices rose in the second quarter after falling in the first quarter. Food prices declined more than in the first quarter. Excluding food and energy prices, gross domestic purchases prices increased 1.1 per cent in the second quarter after increasing 0.2 per cent in the first quarter, the report showed. (RKS)
 

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 27th Jun 2017

Vietnam to build fashion, textile, trading centres

Vietnam's Ho Chi Minh City will build large centres for designing...

Textiles | On 27th Jun 2017

Barcelona’s Unitin develops recycled Indigo yarns

Unitin, a trademark of Industrias Morera SA and a leading textile...

Information Technology | On 27th Jun 2017

ThreadSol to bring fabric solutions to Thailand

ThreadSol, an enterprise material management provider for the sewn...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search