WASHINGTON (Sputnik) – US gross domestic product (GDP) expanded 2.3 percent in the second quarter of 2015 as consumers spent more money saved on low oil prices, White House Council of Economic Advisers Chairman Jason Furman said in a statement on Thursday.
“Strong personal consumption led the rebound as consumers spent more of the windfall gains from lower oil prices that they had saved in the first quarter,” Furman said.
Export growth has also contributed to the GDP expansion, according to the statement.
On Wednesday, the US Federal Open Market Committee that operates under the Federal Reserve and is responsible for overseeing market operations, said US economic activity has been expanding moderately, and the labor market has continued to make job gains in 2015.
Nevertheless, Gallup poll showed on Tuesday that the US Economic Confidence Index slid to negative 14 this week, down from a positive rating of 5 in January.
Only 23 percent of respondents said the US economy is “excellent,” compared to 32 percent who said the economy is “poor.”
