U.S. GDP growth falls 0.5 percent to 1.5 percent

(July 27, 2012) -- The main contributor to the moderation was slower consumer spending growth of 1.5 percent in second quarter of 2012 following revised 2.4 percent (was 2.5 percent) and 2.0 percent (was 2.1 percent) gains in the first quarter of 2012 and fourth quarter of 2011, respectively. As well, a 6.0 percent rise in imports offset a 5.3 percent rise in exports thereby resulting in net trade subtracting 0.3 percentage points from GDP growth compared to an addition of 0.1 percentage points in the first quarter of the year.