Estimate Economists: Capital Spending and Quarter Percent

estimate economists: The revised figure, released Monday, matched analysts' median estimate, according to The Japan Times. Economists had expected overall growth to be smaller than first estimated after Finance Ministry figures released last week showed manufacturers cutting back on business investment as escalating trade tensions darken the global outlook. Gross domestic product grew at an annualized pace of 1.3 percent in the three months through June from the previous quarter, according to revised Cabinet Office data, compared with a preliminary reading of 1.8 percent. ; Strong consumer spending was the main driver of the expansion. That contrasts with the stance of more domestic-oriented nonmanufacturers, which are continuing to ramp up capital spending as they automate processes to cope with the labor shortage. Private spending is expected to continue showing strength through the third quarter, before taking a hit from the consumption tax increase Oct. 1. Consumer spending has helped power growth this year as exports have fallen due to a slowing global economy and the U.S.-China trade war. (news.financializer.com). As reported in the news.