Headline RoundupJuly 27th, 2023

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."

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