WASHINGTON, August 23 — The United States' (US) gross domestic product (GDP) has slowed down to 1.2 per cent in the first half of this year, which is almost two times less than in the previous year, US Federal Reserve Chair Jerome Powell said on Friday, reported Sputnik/RIA Novosti.
"At the same time, GDP growth has slowed notably in the first half of this year to a pace of 1.2 per cent, roughly half the 2.5 per cent pace in 2024...The decline in growth has largely reflected a slowdown in consumer spending.
“As with the labour market, some of the slowing in GDP likely reflects slower growth of supply or potential output," he said at an economic symposium sponsored by the Federal Reserve Bank of Kansas City.
Powell also noted that there is considerable uncertainty surrounding the long-term impacts of the Trump administration's policies, particularly in relation to trade tariffs and immigration control.
"There is significant uncertainty about where all of these polices will eventually settle and what their lasting effects on the economy will be," he said in his speech prepared for delivery at the Jackson Hole Economic Policy Symposium in Wyoming.
