US GDP Grew 2.4% in Q2 2023
Summary from AllSides News Team
U.S. gross domestic product (GDP) grew 2.4% annually in the second quarter of 2023, beating expectations.
The Details: Economists referenced across the spectrum had predicted 2% growth in Q2, which would have matched the growth seen in Q1.
For Context: There's been speculation about a possible economic recession as the Federal Reserve continues to raise interest rates to fight inflation and housing market stability remains hard to gauge. Thursday's data seemed to quell some of those concerns, but not all.
Key Quotes: The growth "is not great, but not terrible—at least in normal circumstances.” said E.J. Antoni of the Heritage Foundation (Lean Right bias), who added that "virtually every economic indicator is pointing to recession, probably starting sometime around December." Separately, a KPMG economist said "The economy has remarkably avoided a recession... But the question is: How long can this strength persist?"
How the Media Covered it: Some left- and center-rated sources framed the data more positively than right-rated sources did. Wall Street Journal (Center) said "Economists are dialing back their recession expectations after many had projected a downturn would start in the middle of the year." Daily Caller (Right) focused on Antoni's quotes and reported that inflation, "though decreasing, is still elevated above target levels." Washington Post (Lean Left) said the growth was "powered by brisk government and consumer spending" and "surprised even the most optimistic economists," and reported that Federal Reserve staff "are no longer forecasting an imminent downturn."
Featured Coverage of this Story
From the LeftU.S. economy grew by annual rate of 2.4 percent in second quarter
The U.S. economy expanded by an annual rate of 2.4 percent between April and June, powered by brisk government and consumer spending, and marking an acceleration of growth from the first three months of the year.
The new gross domestic product figures, released Thursday by the Bureau of Economic Analysis, showed the economy expanded for the fourth straight quarter in a row.
The economy’s resilience, bolstered by a healthy job market, has surprised even the most optimistic economists. It has also forced the Federal Reserve to extend its aggressive fight...
From the CenterGDP Report Shows U.S. Economy Grew 2.4% in Second Quarter
The U.S. economy grew at a 2.4% annual rate last quarter, remaining well clear of a recession despite higher rates
Economists surveyed by The Wall Street Journal had estimated gross domestic product grew at an annual rate of 2% in the second quarter.
Strong consumer spending—which accounts for about two-thirds of economic output—has been fueling the U.S. economy, amid easing inflation and a tight labor market.
Economists are dialing back their recession expectations after many had projected a downturn would start in the middle of the year in response to Federal Reserve...
From the RightUS Economy Grows Moderately as GDP Ticks Up
The U.S. economy grew at a rate of 2.4% in the second quarter of 2023, according to gross domestic product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning.
Real GDP increased by 2.0% in the first quarter of 2022 after being revised up from an initial estimate of 1.1%, according to the BEA. Economists expected the GDP would be around 2% in the second quarter of 2023, following high inflation and an interest rate increase from the Federal Reserve on Wednesday.
“That’s not great, but not terrible—at least in...