WASHINGTON， Aug. 26 (Xinhua) -- The U.S. economy grew at an annual rate of 1.1 percent in the second quarter this year， down from a previous estimate of 1.2 percent， the Commerce Department said Friday.
The moderate growth in the second quarter followed a sluggish pace of 0.8 percent in the first quarter， underscoring the weak performance of the world's largest economy in the first half of 2016.
"The acceleration in real GDP (gross domestic product) in the second quarter primarily reflected an acceleration in PCE (personal consumption expenditure)， a smaller decrease in nonresidential fixed investment， an upturn in exports， and a smaller decrease in federal government spending，" the Commerce Department said.
Consumer spending remained the U.S. economy's driving force， expanding at an annual rate of 4.4 percent in the second quarter， up from an earlier estimate of 4.2 percent. That was the fastest growth rate since late 2014 and contributed 2.94 percentage points to GDP growth in the second quarter.
However， overall fixed investment， weighted down by contractions in equipment， structures and residential investment， went down 2.5 percent in the second quarter and subtracted 0.42 percentage point from the GDP growth.
Inventories fell by a revised 12.4 billion U.S. dollars in the second quarter， the first decline since 2011. That subtracted 1.26 percentage points from GDP growth in the quarter， the largest drag in more than two years.
Overall spending by federal， state and local governments fell by 1.5 percent in the second quarter， compared with a previous estimate of a 0.9 percent decline.
The PCE price index， a Federal Reserve preferred inflation indicator， increased 2 percent in the second quarter， compared to 0.3 percent growth in the first quarter.
Excluding volatile food and energy prices， the core PCE price index increased 1.8 percent， while the index grew 2.1 percent in the first quarter.
While Federal Reserve officials generally agreed that near-term risks to the U.S. economic outlook had diminished， the central bank kept the federal funds rate unchanged last month.
Some Fed officials preferred to wait for more evidence that U.S. inflation would rise to the central bank's objective of 2 percent on a sustained basis， while other officials anticipated that economic conditions would soon warrant another rate increase， according to the minutes of the Fed's July 26-27 meeting released this month.
Analysts said it's possible for the Fed to hike interest rates as soon as September. But about 71 percent of 62 economists surveyed by the Wall Street Journal this month believed that the Fed will wait until December to raise rates.
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KIEV, Sept. 14 (Xinhua) -- Ukrainian President Petro Poroshenko here on Thursday expressed his gratitude to the European Bank for Reconstruction and Development(EBRD) for supporting the implementation of reforms in Ukraine wholesale air max womens , the presidential press service said.
"We highly appreciate the active role of the EBRD in the introduction of projects in the public sector, particularly in the energy and transport spheres wholesale air max china free shipping ," Poroshenko said during his meeting with visiting EBRD President Suma Chakrabarti.
The EBRD's investments are also important for the development of Ukraine's business, Poroshenko said wholesale air max free shipping , voicing his hope for the continued cooperation between Kiev and the bank.
The EBRD is one the largest international financial investors in Ukraine. Since 1993, the bank invested about 14 billion U.S. dollars in over 370 projects in the East European country.
Chakrabarti arrived in Kiev earlier in the day to take part in the 14th YES (Yalta European Strategy) International conference of politicians and businessmen.