US economic growth accelerated in 2nd quarter, exceeding expectations and quieting recession fears
A cooldown of inflation and a solid jobs market have fueled growing optimism. U.S. economic growth accelerated over three months ending in June, blowing past economist expectations and tamping down concerns about a possible recession . The U.S. gross domestic product grew by a 2.4% annualized rate to finish the first half of 2023, according to government data released Thursday. The results mark an advance from the 2% annualized GDP growth recorded over the previous quarter. That growth showed a cooling from the 2.6% growth displayed in the quarter before that. The finding of 2.4% annualized growth over the three months ending in June demonstrates that economic growth has accelerated over that period, dispelling concern among some about a fast-approaching recession. The heightened growth stems from an increase in consumer and government spending, as well as a jump in business investment in inventory, according to the Bureau of Economic Analysis, the federal agency that releases the ...