2024-07-25 22:34:59
The U.S. economic growth rate for the second quarter of this year (April to June) was found to have significantly exceeded expectations, reaching growth of nearly 3%.
The U.S. Department of Commerce announced on the 25th (local time) that the preliminary estimate for the second quarter of this year’s gross domestic product (GDP) growth rate was 2.8%. The U.S. GDP growth rate is released three times: preliminary, revised, and final, and is announced by converting the growth rate compared to the previous quarter into an annual growth rate. The figure on this day greatly exceeded previous expert forecasts; Bloomberg and Reuters had forecasted 2.0%, while the Wall Street Journal and Dow Jones had forecasted 2.1%. The GDP growth rate announced on this day was twice that of the first quarter (1.4%).
This surprise figure was analyzed as being due to high consumer spending, which accounts for about two-thirds of GDP. Personal consumption expenditures (PCE) in the second quarter increased by 2.3%, exceeding both the forecast (2.0%) and the previous quarter (1.5%), and both goods and services rose. The core personal consumption expenditures (PCE) price index increase rate, excluding food and energy, slowed from 3.7% in the first quarter to 2.9% in the second quarter. Reuters forecasted that “the U.S. economy grew faster than expected in the second quarter, but inflation is calming down, so expectations for a September interest rate cut will be maintained.”
The economic outlook for the second half of this year (July-December) is uncertain due to mixed indicators showing robust economic growth and a slowing labor market. Reuters reported that “the economic situation could also be significantly affected by factors such as whether Donald Trump, who declared increased tariffs, is elected in November.”
New York = Correspondent Im Woo-sun [email protected]
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2024-07-25 22:34:59