Thanks to consumers, US economy is rising steadily if slowly
Published 8:07 am Friday, August 30, 2019
WASHINGTON — The U.S. economy slowed in the spring, and most analysts expect it to weaken further in the months ahead. Yet the main driver of growth — consumer spending — remains vigorous enough to keep the economy growing steadily if still modestly.
Spending by households, which accounts for about 70 percent of economic growth, accelerated in the April-June quarter to its fastest pace in nearly five years. Eventually, President Donald Trump’s tariffs on hundreds of billions of dollars in imports could bring higher prices and lower consumer spending. But for now, household spending remains a vital pillar of the economy.