US GDP Data: In the second quarter of 2023, the GDP (Gross Domestic Product) of America has grown at the rate of 2.1 percent. The US Bureau of Economic Analysis has released this final data. This GDP figure has come as per market estimates. GDP in the first quarter was 2.2 percent which was earlier reported as 2 percent.
The Bureau of Economic Analysis (BEA) said the update mainly reflected a decline in consumer spending, which was partially offset by increases in non-residential fixed investment, exports and inventory investment.
According to Reuters, the government agency that produces the GDP report said there was no evidence that residual seasonality, which affected GDP data several years ago, was an issue. The number of jobless claims in America has increased to 2.04 lakh in the week ending September 23, which was 2.02 lakh in the previous week.
However, the growth rate of the American economy has been better in the second quarter and it is expected to be better in this quarter also. But the government shutdown and auto worker strike are likely to impact the outlook in 2023.
The labor market remains tight. Filings by American citizens for new unemployment claims have increased last week. Many experts believe that due to the sluggish economy and tight labor market, the Federal Reserve may raise interest rates again in the month of November. However, some people believe that due to the dark cloud hovering over the economy, the US Central Bank may abandon the strict monetary policy for the time being.
Amidst this news, a boom is being seen in the American stock market. Dow Jones is trading in the green with a gain of 76 points while Nasdaq is trading in the green with a gain of 34 points.
Read this also
Get more latest business news updates