Skip to main content

Economy grows at 1.3 percent in 2Q

The nation's gross domestic product grew at a slim rate of 1.3 percent in the second quarter and government figures also showed that growth in the previous quarter was much slower than initially believed.

GDP, the broadest measure of U.S. economic health, rose at a revised rate of 0.4 percent in the first quarter, the Commerce Department said. The government originally reported that the economy grew at an annualized rate of 1.9 percent during the first three months of the year.

Second-quarter growth was lower than the 1.8 percent that economists surveyed by CNNMoney expected.

Overall, consumer spending, which accounts for roughly 70 percent of GDP, rose only 0.1 percent in the second quarter, a significant drop from growth of 2.1 percent in the first three months of the year.

Click here for the full report.

Related

MRAA Donates to Educational Foundation

The group reinvested $100,000 in donations it received to help the foundation’s effort to address workforce shortages.

TPG Adds to Marine Portfolio

The hospitality and marina management firm acquired Conanicut Marina and Taylor Point Boat Yard in Jamestown, R.I.

Trade Only Today Returns Jan. 18

The daily e-newsletter will not publish Monday, Jan. 17, in observation of Martin Luther King Jr. Day. We wish everyone a happy and safe holiday weekend.

ECONOMY REPORT: Omnipresent Omicron

The year closed with an uptick in consumer confidence, but the latest coronavirus variant threatens to derail progress

Mixed Reactions

Though generally positive about market conditions, many dealers report they won’t be attending boat shows.

Sportsman Boats Hires CFO

Greg House was previously chief financial officer with Sea Star Solutions and Dometic.

NMMA Reports Strong Boat Sales in 2021

Annual new powerboat sales are expected to exceed 300,000 units for the second consecutive year.