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Tuesday, March 5, 2024

Quarterly estimate of US GDP growth increased to 6.6% from 6.5%

In the second quarter, the US economy grew by 6.6% at an annualized rate, according to revised data from the US Department of Commerce.

The estimate for GDP growth has been raised from preliminary data, which estimated a 6.5% rise.

Meanwhile, experts predicted, on average, a revision of the estimate of GDP growth to 6.7%, Trading Economics reports.

In the first quarter of this year, US GDP increased by 6.3%.

The Ministry of Commerce slightly improved its estimates of the dynamics of indicators of non-residential capital investment and exports in the second quarter, while deteriorating estimates of private investment in inventories, capital investment in housing, as well as government and local government spending.

Consumer spending in the United States, according to revised data, increased by 11.9% in the second quarter, up from 11.8% as previously reported.

The PCE Core Index, which is closely monitored by the Federal Reserve in assessing inflation risks, jumped 6.1% in April-June from the previous quarter after rising 2.7% in the previous three months.

The dynamics of the index coincided with the preliminary data and the consensus forecast of analysts.

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The information presented by the Department of Commerce on Thursday is the second out of three estimates of the change in US GDP.

The publication of the final data on the dynamics of GDP for the 2nd quarter is scheduled for September 30.

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