U.S. gross domestic product, or GDP, grew more rapidly than expected in the third quarter of 2023. The U.S. Commerce Department announced GDP increased by 4.9% on an annual basis. A survey of economists previously forecast that real GDP growth would be 4.7%. Real GDP measures the inflation-adjusted total value of all final goods and services produced in the U.S. during a given period.
Tag: consumption
The U.S. Economy Grew at a Much Slower Pace in the First Quarter (Macro News for April 29, 2023 – May 5, 2023)
U.S. gross domestic product (GDP) growth finished the first quarter of 2023 up by a lackluster 1.1% annualized rate. The consensus forecast was for the U.S. economy to grow by 2%, but businesses allowed inventories to shrink given the Federal Reserve's continued aggressive interest rate hikes. Many experts fear the central bank will push the economy into a recession if it continues this aggressive course of action.
Consumers are Feeling Slightly Better About the Direction of the Economy (Micro News for December 10, 2022 – December 16, 2022)
Consumer optimism or pessimism drives their spending. When consumers are optimistic about the economy and their jobs they tend to spend more money and they spend less money when they are more pessimistic. This consumer sentiment is tracked and measured by a consumer survey conducted by the University of Michigan.
Consumer Spending Was Flat in September and Below Expectations as Inflation Takes Toll (Macro News for October 15, 2022 – October 21, 2022)
September 2022 U.S. Commerce Department data show that consumer spending in nominal terms was almost unchanged from the previous month. However, after adjusting for inflation, the report shows that real retail spending was down 2.5% for the month. Many other spending categories posted real losses. Consumption fell in many sectors including furniture and home furnishings, sporting goods, and books and music.
Pearson Economic News 