Thursday’s estimate from the Commerce Department indicated that the gross domestic product picked up from the 2% growth rate in the January-March quarter.
A transport carrying new cars arrives at a Stellantis facility, July 10, 2023, in Belvidere. Ill. On Thursday, the Commerce Department issues its first of three estimates of how the U.S. economy performed in the second quarter of 2023. | Charles Rex Arbogast/AP PhotoWASHINGTON — The U.S. economy accelerated unexpectedly to a 2.
Consumer spending slowed to a 1.6% annual rate, from 4.2% in the first quarter of the year, a likely consequence of higher borrowing costs. But business investment and state and local government spending grew faster.11 times since March 2022, most recently on Wednesday Still, they have yet to tip the United States into a widely forecast recession. Optimism has been growing that a recession isn’t coming after all, that the Fed can engineer a so-called “soft-landing” — slowing the economy enough to bring inflation down to its 2% annual target without wrecking an expansion of surprising durability.for U.S. economic growth for all of 2023 to 1.8%. Though that would be down from 2.1% growth for 2022, it marked an increase from the 1.
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