US consumer spending misses expectations in Q2

The U.S. Commerce Department released its revised second quarter gross domestic product revision, dropping its consumer spending estimate by a significant amount.

According to the revisions, consumer spending was at a .8% annualized rate in Q2, far below the department’s previous 1.7% estimate.

This is the weakest consumer spending growth seen since Q1 2022.

The Commerce Department’s overall annualized economic growth estimate remained unchanged at 2.1%.