2023-06-29 18:56:02
America’s economy
US Gross Domestic Product grew 2% year-on-year in the first quarter, in line with expectations, following an upward revision from the second reading of 1.3%.
On Thursday, the Bureau of Economic Analysis data showed an increase in exports and consumer spending, and household spending, which is the main driver of the US economy, rose 4.2 percent, at its strongest rate in nearly two years, as the revision showed an increase in service expenditures.
Meanwhile, the personal consumption expenditures (PCE) price index, excluding food and energy, was revised to 4.9 percent in the first quarter, and this is one of the main gauges that the Fed monitors.
Gross domestic income also improved from previous estimates, showing a decline of 1.8% in the first quarter, its second consecutive decline.
The data also showed that the dollar-denominated gross domestic product increased by 6.1 percent on an annual basis, to $26.53 trillion during the first quarter of this year.
On the other hand, the number of Americans filing new applications for unemployment benefits dropped surprisingly last week, indicating continued strength in the labor market.
The US Labor Department said Thursday that first-time applications for state unemployment benefits fell by 26,000 to 239,000 following adjusting for seasonal factors in the week ending June 25.
Economists polled by Archyde.com had forecast 265,000 claims last week.
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