GDP, Consumer Spending, Memorial Weekend is here
May 27, 2016
Friday – May 27
The Bureau of Economic Analysis reported on Friday that the second reading for first quarter 2016 Gross Domestic Product (GDP) rose 0.8% versus the 0.9% expected and up from the first reading of 0.5%. The number is still anemic, though the Atlanta Fed Bank has the second quarter GDP forecast rising 2.9%.
Within the report it showed that consumer spending, a big driver of the U.S. economy, was up 1.9%, unchanged from the first reading but down from the 2.4% recorded in Q4 2015. GDP is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period. It is considered the broadest measure of economic activity.
The unofficial kickoff to summer begins this Memorial Day weekend as Americans flock to their favorite beaches, camping grounds or neighborhood cookouts. Nearly three-fourths of American grill owners fire up the grill on Memorial Day. The menu in order will include hamburgers, steak, hot dogs and chicken. Side dishes in order consist of corn, potatoes and other vegetables. There is no definitive history about how the word “barbecue” originated, or why it’s sometimes used as a noun, verb or adjective. Some say the Spaniards get the credit for the word, derived from their “barbacoa” which is an American-Indian word for the framework of green wood on which foods were placed for cooking over hot coals.