US economy shrank from April through June, second time in a row
2 years, 2 months ago

US economy shrank from April through June, second time in a row

Al Jazeera  

The United States economy continues to send mixed signals with some believing it is on the brink of a recession while others point to a stronger than usual jobs market. Battered by surging consumer prices and rising interest rates, the United States economy shrank at a 0.6 percent annual rate from April through June, the government has announced, unchanged from its previous second-quarter estimate. But the Fed has raised interest rates five times this year — most recently on September 21 — to rein in consumer prices, which were up 8.3 percent in August from a year earlier despite plummeting petrol prices. Economists, on average, expect that GDP returned to growth in the third quarter, expanding at a modest 1.5 percent annual pace, according to a survey by the data firm FactSet. GDP rose 5.9 percent last year, up from the previously reported 5.7 percent; and, pounded by the coronavirus pandemic, it shrank 2.8 percent in 2020, not as bad as the 3.4 percent previously on record.

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History of this topic

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate
5 days, 17 hours ago

U.S. economy grows at 3.1% pace in third quarter, an upgrade from previous estimate

Associated Press  

WASHINGTON — The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. Third-quarter growth in U.S. gross domestic product — the economy’s output of goods and services — accelerated from the April-July rate of 3% and …

US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate
Trending News
3 weeks, 6 days ago

US economy grows at 2.8% pace in third quarter on consumer spending, unchanged from first estimate

Associated Press  

WASHINGTON — The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth. Still, American voters — exasperated by high prices — were unimpressed by the steady growth and chose this month to return Donald Trump …

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending
1 month, 3 weeks ago

U.S. Economy Grew At Healthy 2.8% Pace Last Quarter On Strength Of Consumer Spending

Huff Post  

LOADING ERROR LOADING WASHINGTON — The U.S. economy grew at a healthy 2.8% annual rate from July through September, with consumers helping drive growth despite the weight of still-high interest rates. Wednesday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — slowed slightly from its 3% growth rate in …

The U.S. economy is growing solidly. Here's what's working — and what's not
1 month, 3 weeks ago

The U.S. economy is growing solidly. Here's what's working — and what's not

NPR  

The U.S. economy is growing solidly. Here's what's working — and what's not toggle caption Spencer Platt/Getty Images With just days before Election Day, the U.S. just got its latest economic report card — and it's good, even if many people don't feel that way. toggle caption Anna Rose Layden/Getty Images The healthy labor market and stronger spending bode well …

US economy exceeded expectations for job growth last month, data shows
2 months, 2 weeks ago

US economy exceeded expectations for job growth last month, data shows

Daily Mail  

The US economy far exceeded expectations for job growth last month, according to new data released Friday. The Fed's benchmark interest rate does not directly affect mortgage rates, but home loan costs tend to dip alongside rate cuts. 'Although mortgage rates have relented substantially, they bounced back somewhat this week as investors and the Fed disagree somewhat on the likely …

US sharply lowers number of jobs added in year ending in March
4 months ago

US sharply lowers number of jobs added in year ending in March

Al Jazeera  

Economists are divided on the extent of the rate cuts that the US Federal Reserve should undertake this year in light of the latest employment data. The revised total adds to evidence that the job market has been steadily slowing and likely reinforces the US Federal Reserve’s plan to start cutting interest rates soon. The downgraded estimate follows a jobs …

Something is happening to the US economy only seen once before
4 months, 4 weeks ago

Something is happening to the US economy only seen once before

Daily Mail  

The US economy accelerated last quarter, with consumers and businesses increasing their spending despite the continual pressure of high interest rates. GDP rose at an annual rate of 2.8 percent for the quarter from April through June 2024 The GDP report showed that businesses are continuing to invest and household spending remains strong. Alongside the growth of the economy, inflation …

US economic growth increased last quarter to a healthy 2.8% annual rate
5 months ago

US economic growth increased last quarter to a healthy 2.8% annual rate

Associated Press  

WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. the Fed thinks that it’s getting close …

U.S. economic growth increased last quarter to a healthy 2.8% annual rate
5 months ago

U.S. economic growth increased last quarter to a healthy 2.8% annual rate

LA Times  

Amazon employees in South Gate load packages on carts before putting them on trucks for delivery last week as part of the company’s Prime Day event. The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose …

US economic growth for last quarter is revised up slightly to a 1.4% annual rate
5 months, 3 weeks ago

US economic growth for last quarter is revised up slightly to a 1.4% annual rate

Associated Press  

WASHINGTON — The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said Thursday in a slight upgrade from its previous estimate. The Commerce Department had previously estimated that the gross domestic product — the economy’s total output of goods and services — advanced at a 1.3% rate …

US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending
6 months, 3 weeks ago

US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Commerce Department had previously estimated that the nation’s …

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up
7 months, 4 weeks ago

US economic growth in first quarter falls short of expectations at 1.6%; inflation may heat up

Hindustan Times  

The US economy expanded less than projected in the first three months of 2024 as exports and consumer spending declined, confirming the expectations of the financial markets that the Federal Reserve would postpone rate-cutting until September. The first quarter saw the US economy rise by 1.6 percent, according to the government data. The first quarter saw the world's largest economy …

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates
8 months ago

US growth slowed sharply last quarter to 1.6% pace, reflecting an economy pressured by high rates

Associated Press  

WASHINGTON — The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Gregory Daco, chief economist at the tax and consulting firm EY, noted that the underlying economy looks solid, though it’s slowing from last …

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates
8 months ago

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates

LA Times  

Robots assemble solar panels at the Hanwha Qcells Solar plant in Dalton, Ga., in 2023. On Thursday, the government reported that U.S. economic growth slowed sharply last quarter to a 1.6% annual pace. The nation’s economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic …

US economy to outpace G7 peers with double GDP growth rate this year, claims IMF
8 months, 1 week ago

US economy to outpace G7 peers with double GDP growth rate this year, claims IMF

Hindustan Times  

US has a 2x rate of GDP growth relative to any other G7 country this year, as per International Monetary Fund projections, while its economy gains the upper hand globally, creating wild market swings by itself. International Monetary Fund Chief Economist Pierre-Olivier Gourinchas holds the IMF's World Economic Outlook during a press briefing at the IMF-World Bank Group spring meetings …

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate
8 months, 3 weeks ago

US economic growth for last quarter is revised up slightly to a healthy 3.4% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a solid 3.4% annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. In the …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government’s initial estimate

Associated Press  

WASHINGTON — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. U.S. growth has now topped 2% for six straight quarters, defying fears that high interest rates would tip the world’s largest economy into a recession. The …

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate
9 months, 3 weeks ago

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The U.S. economy grew at …

Recession has struck some of the world’s top economies. The US keeps defying expectations
10 months, 1 week ago

Recession has struck some of the world’s top economies. The US keeps defying expectations

Associated Press  

NEW YORK — As some of the world’s biggest economies stumble into recession, the United States keeps chugging along. Yet in the United States, the economy motored ahead in last year’s fourth quarter for a sixth straight quarter of growth. It’s blown past many predictions coming into last year that a recession seemed inevitable because of high interest rates meant …

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent
10 months, 1 week ago

UK economy enters recession in second half of 2023 after shrinking 0.30 per cent

India TV News  

Britain's economy slipped into a recession during the latter half of 2023, contracting by a more significant-than-anticipated 0.3 per cent in the three months leading up to December. The 0.3 per cent contraction in Britain's economy from October to December came after a 0.1 per cent decline between July and September. The Office for National Statistics reported a 0.1 per …

Report: US economy grew faster than any other G7 country last year
10 months, 3 weeks ago

Report: US economy grew faster than any other G7 country last year

Daily Mail  

America's economy is growing at a faster pace than any other G7 country in part thanks to a post-pandemic productivity boom, experts say. The IMF World Economic Outlook report estimates the US economy grew by 2.5 percent in 2023 - and is set for a similar 2.1 percent growth in 2024. Figures released today show US worker productivity grew at …

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up
10 months, 4 weeks ago

US economy grew by 3.3% over the past year - ending fears of recession and sending the S&P and Dow up

Daily Mail  

Consumers and businesses have continued to spend despite high interest rates The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to spend. The US economy grew much faster than expected in the final three months of last year, trouncing expectations as consumers and businesses continued to …

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience
11 months ago

US economy grew at a surprisingly strong 3.3% pace last quarter, pointing to continued resilience

Associated Press  

WASHINGTON — The nation’s economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — decelerated …

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter
11 months ago

Economic growth continues, as latest GDP data shows strong 3.3% pace last quarter

CBS News  

The nation's economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday's report from the Commerce Department said the gross domestic product — the economy's total output of goods and services — decelerated from its …

Economists predict US inflation will keep cooling and the economy can avoid a recession
1 year ago

Economists predict US inflation will keep cooling and the economy can avoid a recession

Associated Press  

NEW YORK — Most business economists think the U.S. economy could avoid a recession next year, even if the job market ends up weakening under the weight of high interest rates, according to a survey released Monday. Most of the surveyed economists expect inflation to continue to slow in 2024, though many say it may not get all the way …

US economic growth for last quarter is revised up to a 5.2% annual rate
1 year ago

US economic growth for last quarter is revised up to a 5.2% annual rate

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shrugging off higher interest rates, …

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes
1 year, 1 month ago

US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes

Associated Press  

WASHINGTON — The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace. The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years — and more than twice the 2.1% …

U.S. economic growth accelerated to 4.9% last quarter as consumers shrugged off Fed rate hikes
1 year, 1 month ago

U.S. economic growth accelerated to 4.9% last quarter as consumers shrugged off Fed rate hikes

LA Times  

Shoppers look over blankets on sale in a Costco warehouse in Sheridan, Colo. The Commerce Department on Thursday said the economy expanded last quarter at the fastest pace in nearly two years. The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession …

A Recession Is No Longer the Consensus
1 year, 2 months ago

A Recession Is No Longer the Consensus

Live Mint  

Economists are turning optimistic on the U.S. economy. In the latest quarterly survey by The Wall Street Journal, business and academic economists lowered the probability of a recession within the next year, from 54% on average in July to a more optimistic 48%. View Full Image “The probability of recession continues to recede in the U.S. as the banking turmoil …

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection
1 year, 2 months ago

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection

Associated Press  

WASHINGTON — The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged. The second-quarter expansion of the nation’s gross domestic product — its total output of goods and services — marked a modest deceleration from the economy’s …

US economic growth for last quarter is revised down to a 2.1% annual rate
1 year, 3 months ago

US economic growth for last quarter is revised down to a 2.1% annual rate

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.1% annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said Wednesday in a downgrade from its initial estimate. The Commerce Department’s second estimate of growth last quarter marked a slight acceleration from a 2% annual growth rate from …

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes
1 year, 4 months ago

US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes

Associated Press  

WASHINGTON — The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight to bring down inflation. Consumer spending, the heart of the nation’s economy, was also solid last quarter, though it slowed to a 1.6% annual rate …

The US economy grew stronger than expected in the second quarter, but consumers are pulling back
1 year, 4 months ago

The US economy grew stronger than expected in the second quarter, but consumers are pulling back

CNN  

Washington CNN — The US economy picked up steam in the second quarter despite punishing rate hikes and still-high inflation, the Commerce Department reported Thursday. Consumer spending, which accounts for about two-thirds of economic output, grew at just a 1.6% rate in the second quarter, down sharply from a 4.2% rate in the first three months of the year. “In …

US economy grew faster than expected in Q2
1 year, 4 months ago

US economy grew faster than expected in Q2

Al Jazeera  

The US economy grew faster than expected in the second quarter as labour market resilience supported consumer spending, while businesses boosted investment in equipment, potentially keeping a much-feared recession at bay. The government’s measure of inflation in the economy, the price index for gross domestic purchases, increased at a 1.9 percent rate, slowing from the 3.8 percent pace logged in …

US leading indicators point to recession starting soon
1 year, 5 months ago

US leading indicators point to recession starting soon

India Today  

An index designed to track turns in US business cycles fell for the 15th straight month in June, dragged down by a weakening consumer outlook and increased unemployment claims, marking the longest streak of decreases since the lead-up to the 2007-2009 recession. The Conference Board on Thursday said its Leading Economic Index, a measure that anticipates future economic activity, declined …

US job growth slows in June; unemployment rate falls to 3.6%
1 year, 5 months ago

US job growth slows in June; unemployment rate falls to 3.6%

Al Jazeera  

Despite the lower numbers, the labour market remains resilient, even as Fed predicts more rate hikes. Job growth in the United States slowed more than expected in June after surging in the prior month, but labour market conditions remain tight, with the unemployment rate retreating from a seven-month high and fairly strong wage gains continuing. Though job growth is slowing, …

US economic growth last quarter is revised up sharply to a 2% annual rate
1 year, 5 months ago

US economic growth last quarter is revised up sharply to a 2% annual rate

Associated Press  

WASHINGTON — Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years. Thursday’s revised figure from the Commerce Department sharply upgraded its assessment of first-quarter growth from its previous estimate of a 1.3% annual rate. Despite …

Europe’s economy shrank. For households that are hurting, it’s just numbers
1 year, 6 months ago

Europe’s economy shrank. For households that are hurting, it’s just numbers

Associated Press  

LONDON — The European economy contracted slightly at the end of last year and beginning of 2023, revised figures showed Thursday, underlining the impact of the loss of Russian natural gas and high inflation on consumer spending. “Maybe before I used to buy more products I didn’t need, like potato chips for example,” Milo Taneron, a 26-year-old youth social worker, …

Germany economy shrinks in first quarter, signaling one definition of recession
1 year, 6 months ago

Germany economy shrinks in first quarter, signaling one definition of recession

Associated Press  

BERLIN — The German economy shrank unexpectedly in the first three months of this year, marking the second quarter of contraction that is one definition of recession. Two consecutive quarters of contraction is a common definition of recession, though economists on the euro area business cycle dating committee use a broader set of data, including employment figures. Employment in the …

US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate
1 year, 6 months ago

US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate

Associated Press  

WASHINGTON — The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The steady slowdown in the nation’s economic growth is a consequence of the Federal Reserve’s aggressive drive to tame inflation, with 10 …

US economy grew at weak 1.1% rate in Q1 in sign of slowdown
1 year, 7 months ago

US economy grew at weak 1.1% rate in Q1 in sign of slowdown

Associated Press  

WASHINGTON — The U.S. economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced their inventories. The economy’s slowdown reflects the impact of the Federal Reserve’s aggressive drive to tame inflation, with nine interest rate hikes over the past year. “We continue to expect the …

How will we know if the US economy is in a recession?
1 year, 7 months ago

How will we know if the US economy is in a recession?

Associated Press  

WASHINGTON — The government’s report Thursday that the economy grew at a 1.1% annual rate last quarter signaled that one of the most-anticipated recessions in recent U.S. history has yet to arrive. The economy’s direction has confounded the Fed’s policymakers and many private economists ever since growth screeched to a halt in March 2020, when COVID-19 struck and 22 million …

How will we know if the US economy is in a recession?
1 year, 7 months ago

How will we know if the US economy is in a recession?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The economy's direction has confounded the Fed's policymakers and …

US economy slows sharply in January-March quarter
1 year, 7 months ago

US economy slows sharply in January-March quarter

Al Jazeera  

The US economy slowed sharply from January through March, decelerating to just a 1.1 percent annual pace as higher interest rates hammered the housing market and businesses reduced their inventories. “We continue to expect the drag from higher interest rates and tightening credit conditions to push the economy into a mild recession soon.″ Many economists have said the cumulative impact …

US adds a healthy 236,000 jobs despite Fed’s rate hikes
1 year, 8 months ago

US adds a healthy 236,000 jobs despite Fed’s rate hikes

Associated Press  

WASHINGTON — America’s employers added a solid 236,000 jobs in March, suggesting that the economy remains on solid footing despite the nine interest rate hikes the Federal Reserve has imposed over the past year in its drive to tame inflation. We do see that the job market is cooling, but it’s still resilient.’’ In another sign that might reassure the …

2023 US recession now expected to start later than predicted
1 year, 9 months ago

2023 US recession now expected to start later than predicted

Associated Press  

WASHINGTON — A majority of the nation’s business economists expect a U.S. recession to begin later this year than they had previously forecast, after a series of reports have pointed to a surprisingly resilient economy despite steadily higher interest rates. Fifty-eight percent of 48 economists who responded to a survey by the National Association for Business Economics envision a recession …

US revises down last quarter’s economic growth to 2.7% rate
1 year, 10 months ago

US revises down last quarter’s economic growth to 2.7% rate

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.7% annual rate from October through December, a solid showing despite rising interest rates and elevated inflation, the government said Thursday in a downgrade from its initial estimate. The Commerce Department’s revised estimate of the fourth quarter’s gross domestic product — the economy’s total output of goods and services — marked a …

US economy slowed but still grew at 2.9% rate last quarter
1 year, 10 months ago

US economy slowed but still grew at 2.9% rate last quarter

Associated Press  

WASHINGTON — The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. “From the Fed’s perspective, a desired slowdown in the economy will be welcome news.” Consumer spending, which fuels about 70% of the entire economy, rose at a …

How will we know if the US economy is in a recession?
1 year, 10 months ago

How will we know if the US economy is in a recession?

Associated Press  

WASHINGTON — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn’t in a recession despite high inflation and the Federal Reserve’s fastest pace of interest rate hikes in four decades. The economy’s direction has confounded the Fed’s policymakers and many private economists ever since growth screeched to a halt in March 2020, …

U.S. economy slowed but still grew at 2.9% rate last quarter
1 year, 10 months ago

U.S. economy slowed but still grew at 2.9% rate last quarter

LA Times  

An employee works in the battery assembly hall at the BMW Spartanburg plant in Greer, S.C., on Oct. 19. The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the nation’s …

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