The economy of the United States is displaying remarkable resilience, as evidenced by GDP data points concerning its economic growth.
GDP Data from the Bureau of Economic Analysis
American Economy Continues to Grow
According to the report released by the Commerce Department on Thursday, the economy of the United States expanded at a rate of 2.4% per annum during the second quarter, which was higher than what economists had predicted.
Despite facing various challenges, the economy of the United States is currently showcasing commendable strength, adaptability, and tenacity. Therefore, it would be most appropriate to describe it as “resilient.”
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Biggest Surprise in the Data
One of the most salient observations from the report is the discernible surge in corporate investments that took place throughout the second quarter.
Business investments in non-residential fixed assets boosted economic growth by almost 1%. This shift from consumer spending could help control inflation, which the Federal Reserve aims to reduce. Though inflation remains high, it has dropped from the first quarter, with a 2.6% increase in April-June.
According to recent reports, the economy is experiencing a positive trend, marked by increased durable goods orders and decreased unemployment filings. This development will surely be welcome news for those investing in the stock market.
The report’s bottom line is that the economy is doing well, indicating a smooth transition to stability.
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