Financial Digest

U.S. Economy Grew Better-Than-Expected 2.4% During Second Quarter—Again Defying Recession Fears

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The U.S. entered a technical recession last year when GDP fell for two consecutive quarters, but the economy has fought off entering a more painful downturn thus far.

The U.S. economy grew faster than expected during 2023’s second quarter as it remains surprisingly resilient against an unfriendly macro backdrop andThe U.S. economy does not appear on the brink of a recession.Gross domestic product rose by 2.

Thursday’s report revealed signs of a labor market slowdown even as the economy notched its fourth consecutive quarter of growth, as the government reported a moderation in personal income growth from $278 billion to $236 billion over the last two quarters and a deceleration in inflation-adjusted disposable income growth from 8.5% to 2.5%.

Stock futures rose after the release, with the S&P 500 and tech-heavy Nasdaq each set to open up about 1%, thanks also to a earnings report from Meta, yet another mega-cap company that posted strong financials during the last quarter.

 

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