Market Updates
Stronger Business Investments Lifts GDP by 2.4% In Second Quarter
Brian Turner
27 Jul, 2023
New York City
The U.S. economy expanded at 2.4% in the second quarter, faster than 2.0% in the first quarter, the Bureau of Economic Analysis reported Thursday.
The worries of economic recession were set aside after GDP expanded for the third quarter in a row after shrinking for two quarters in a row in 2022.
The growth accelerated after nonresidential fixed investment accelerated to 7.7% from 0.6% but consumer spending slowed sharply to 1.6% from 4.2%
Goods consumption growth slowed sharply to 0.7% from 6.0% but spending on services, remained healthy, slowed to 2.1% from 3.2% in the previous quarter,
GDP report also showed price pressures are easing and the personal consumption expenditures price index slowed to annual rate of 2.6% from 4.2% in the previous quarter.
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