Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Author
Maximus Maximus
Jul 27, 2023 10:54AM ET
Bidenomics are working.
4
10
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
Extended Sale! Save on premium data with Claim 60% OFF
U.S. GDP accelerates to 2.4% in the second quarter; jobless claims decline
Published Jul 27, 2023 08:07AM ET
Updated Jul 27, 2023 09:04AM ET
© Reuters.
Investing.com -- Economic growth in the U.S. accelerated in the second quarter as activity remained largely resilient in the face of an aggressive bout of Federal Reserve policy tightening.
The world's biggest economy expanded by 2.4% on an annual basis in the April to June period, according to preliminary data from the Commerce Department on Thursday. Economists had called for growth of 1.8%.
The reading picked up the pace from 2.0% in the first three months of the year, which was down from 2.6% in the fourth quarter of 2022.
It comes a day after the Fed hiked interest rates by 25 basis points to their highest level in more than two decades. The decision was the latest step in the Fed's unprecedented policy-tightening campaign aimed at corralling elevated inflation. Rates stood at near zero as recently as March 2022.
Fed Chair Jerome Powell left the door open for another increase in September but markets are only pricing in a 20% chance of a similarly sized jump at that meeting.
Inflation has begun to descend from a peak of over 9% reached in June 2022, while consumer spending has remained strong. The labor market has also stayed robust, with separate data on Thursday showing that the number of Americans filing new claims for unemployment benefits unexpectedly fell last week to 221,000.
The trends have helped to fuel hopes for a so-called "soft landing," in which the U.S. manages to quell inflation without causing a major meltdown in the wider economy.
Related Articles
Comments (10)
Mark Jannetty
Jul 27, 2023 10:54AM ET
I know, people are struggling to pay their bills
8
2
Maximus Maximus
Jul 27, 2023 10:54AM ET
says the guy who constantly opposes any policies that might make life easier for low-middle income people.. at least try to be consistent in your trolling...
2
1
Casador Del Oso
Jul 27, 2023 10:49AM ET
Such a strong economy can easily handle several more rate hikes. 6% terminal rate may be too conservative.
9
2
Michael Benson
Jul 27, 2023 10:13AM ET
International trade agreements impact markets around the world.
3
0
Michael Benson
Jul 27, 2023 10:13AM ET
The gig economy is changing the nature of work.
1
0
William Bailey
Jul 27, 2023 9:24AM ET
The Fed monitized all the failing/frozen banks by printing trillion … your added GDP
9
0
Brad Albright
Jul 27, 2023 9:01AM ET
Bidenomics. The America haters, Russian trolls and nihilists are going to be upset.
7
5
me ish
Jul 27, 2023 9:01AM ET
that's why Disney world is just tumbleweed this year - anyone can cook the figures - see the streets and malls and the likes of Disney and it's a very grim different picture in the real world - mean while industry figures like bankruptcies are rising rapidly - lots of stats all do not make sense - some of them must be lying!!!!
5
4
Tre Hsi
Jul 27, 2023 9:01AM ET
Scott White
Jul 27, 2023 9:01AM ET
So why is the CEO looking to restructure it and sell it?
0
0
Tre Hsi
Jul 27, 2023 9:01AM ET
Scott White I don't know, that's a rumor, but let's say it's true, what CEO wouldn't considering selling his company to Apple if they can get a fat premium?
1
1
Brad Albright
Jul 27, 2023 9:01AM ET
Erikke
Jul 27, 2023 8:53AM ET
Oil is slowly moving up again. We could see the PCE and other data trigger 2 more rate hikes.
6
0
William Bailey
Jul 27, 2023 8:53AM ET
Fed is priting QE again as we speak , your increaed GDP and inflation will surge. Likely real inflation is 10 percent plus
5
3
me ish
Jul 27, 2023 8:53AM ET
with a now weak dollar, commodities are all up a lot - especially the likes of wheat - and also labour wages are up a lot - so inflation will come back - absolutely guaranteed
4
0
Chih Pin Wu
Jul 27, 2023 8:53AM ET
Inflation is falling, prices are still rising slowly, and the real purchase rate is falling.
7
1
AMMM
Jul 27, 2023 8:43AM ET
OMG, this is no longer a recession, it is an economic upswing. 2,4% is really significant, if the number is correct. Unbelievable
11
0
me ish
Jul 27, 2023 8:43AM ET
doesn't make sense though - unless it's just the US selling LNG to Europe as they blew up Nordstream, forcing Europe to pay whatever the US wants for LNG - the US consumer is massively slowing purchasing - exports from China, Japan and NOrth Korea are all massively down - and the US is their major importer - something doesn't add up!!!!
2
1
me ish
Jul 27, 2023 8:43AM ET
sorry - South Korea, not North Korea - silly me!!! but the point is, exports are falling off a cliff as they are in Germany - things don't add up - the US economy doesn't surge ahead when the rest of the world is showing massive contraction - as the US is economy is consumption based and import based - and those are all showing massive contraction as is the US manufacturing sector.
0
0
Tre Hsi
Jul 27, 2023 8:43AM ET
Tre Hsi
Jul 27, 2023 8:43AM ET
none of the G20 countries (or China/Brazil/India) are showing negative GDP growth.....in Q1-2023 I mean
1
1
Me comment
Jul 27, 2023 8:40AM ET
Guess author doesn't proof read 2.4growth from 1.8 growth isn't decelaration.
6
0
Scott White
Jul 27, 2023 8:40AM ET
A bear trap is a bear trap no matter how you spin it.
1
0
Stox Market
Jul 27, 2023 8:38AM ET
Lets get these bears to bed already…
4
0
Scott White
Jul 27, 2023 8:38AM ET
Buy the bubble, hurry before it's too late !!
5
2
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.