U.S. Economy Grew by Annual Rate of 2.4 Percent in Q2 2023
This occurred despite inflationary increases
The U.S. economy expanded by an annual rate of 2.4 percent between April and June, powered by brisk consumer and government spending, marking an acceleration of growth from the first three months of the year.
The new gross domestic product figures, released Thursday by the Bureau of Economic Analysis, showed the economy expanded for the fourth straight quarter in a row, casting doubt on predictions of a recession this year.
The economy’s resilience, bolstered by a healthy job market, has surprised even the most optimistic economists. It has also forced the Federal Reserve to extend its aggressive fight against inflation with another interest rate hike on Wednesday, pushing borrowing costs to a new 22-year high. Fed staff, who a few months ago had worried about a “mild” recession, are no longer forecasting an imminent downturn.
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