WASHINGTON (CN) – The U.S. economy grew at a rate of 2.4 percent in the second quarter this year, slowing from 3.7 percent growth in the first quarter, according to data released Friday by the Commerce Department.
The slowdown in economic growth is partly attributed to a pickup in imports and a slowdown in exports and private inventory investment.
Computer sales spiked during the first quarter of 2010, as many businesses upgraded equipment, which they had delayed doing during the economic downturn.
During the first quarter, private businesses added 2.64 percentage points to overall GDP growth by pouring money into inventory. In the second quarter, private inventory investment added 1.05 percentage points to the GDP growth number.
Increases during the second quarter were in nonresidential fixed investments, which increased by 17 percent, compared to a 7.8 percent increase in the first quarter. Nonresidential structures increased by 5.2 percent, compared to a 17.8 decrease in the first quarter.
Exports of goods and services slowed to a 10.3 percent increase from an 11.4 percent increase in the first quarter.
Imports jumped by 28.8 percent during the second quarter, compared with a previous quarter increase of 11.2 percent.