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GDP posts slow Q2 growth, improvement expected

July 31 2013

U.S. real gross domestic product increased at an annual rate of 1.7 percent in the second quarter, according to an advance estimate by the U.S. Department of Commerce. The growth rate is slow but better than the first-quarter’s growth rate of 1.1 percent — which was revised down from a previous estimate of 1.8 percent.

“Economic growth remained slow in the second quarter as consumer spending cooled and cuts in federal government spending weighed on economic activity,” according to The Conference Board. “However, the U.S. private domestic sector continues to exhibit underlying strength and improved health following several years of major structural adjustments.”

The Conference Board reported the U.S. economy appears poised to return to more robust growth and keep it up into next year. But that assumes no large acrimonious budget impasse in Washington at the end of the year.

Growth in the staffing industry is strongly correlated with GDP growth, according to research from Staffing Industry Analysts.

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