The Clap
GDP in the US grew by 2.4% in Q2 2023, driven by increased consumer spending and strong business investment.
What
This quarter’s growth is an improvement on Q1 2023’s growth of 2% and is higher than analysts’ expectations for the quarter.
So What
The GDP growth during the year highlights the resilience of the US economy despite the Fed’s battle against inflation.
Currently, the economy is witnessing the highest level of interest rates in around 22 years.
Now What
The economy seems to have resisted going into a recession and may begin to grow at a faster pace when the Fed begins lowering interest rates once again.