The Strategist

US GDP adds 2.4% in Q2

07/28/2023 - 03:34

The US GDP grew by 2.4% in the second quarter on an annualized basis.

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The Bureau of Economic Analysis of the U.S. Department of Commerce released these figures on July 27. This is only an estimate; the actual data will be released on August 30.

The American economy's growth rate climbed marginally from the first quarter's GDP growth of 2%. Experts claim that the economy is still stable, but this does not guarantee that a recession won't occur.

The economy is "balancing between recession and no recession, rather than spiraling toward recession," said Amy Crews Cutts, senior economist at AC Cutts & Associates. 

Consumption expenditures, which increased by 1.6% in the third quarter, are one factor supporting growth. Spending on vacation, dining out, entertainment, and other expenses is rising very quickly. Analysts say it is still uncertain whether such consumer spending growth rates will continue in the second half of the year.