The U.S. economy remains on track as today’s GDP (Gross Domestic Product) report from the Commerce Department offers stronger than expected news as inflation continues to cool.
The U.S. economy grew at a 2.4% annual rate in the second quarter as consumer spending kept the recovery on track, despite rising interest rates and warnings of a looming recession.https://t.co/wBMheuwOaS pic.twitter.com/4USNppeQAk
— The New York Times (@nytimes) July 27, 2023
From the New York Times:
Gross domestic product, adjusted for inflation, rose at a 2.4 percent annual rate in the second quarter, the Commerce Department said Thursday.
That was up from a 2 percent growth rate in the first three months of the year and far stronger than forecasters expected a few months ago.
Spending rose at a 1.6 percent rate, slower than in the first quarter but still solid.
Inflation has also slowed as consumer prices rose at a 2.6% rate in the second quarter, down from 4.1% in the first quarter and from more than 7% in the first half of last year.
Related: U.S. Economy Expanded 2.6% In 3rd Quarter
(graphic via NY Times)