BREAKING: Economic growth unexpectedly increased to a 2.4% annual rate in the second quarter of this year, up from 2% the quarter before, the Bureau of Economic Analysis reported Thursday morning.
Thursday's report is the first of three estimates of GDP growth, adjusted for inflation, in the second quarter.
Inflation has been falling in response to the Fed’s tightening. The consumer price index tracked 3% annual inflation in June, a number that is quickly nearing the central bank’s 2% goal and is down from 9% last summer. The national economy added 209,000 jobs in June, according to the Bureau of Labor Statistics, and the unemployment rate is hovering around 3.7% — near the ultra-low level it was at prior to the pandemic.
Fed Chairman Jerome Powell addressed the matter during a press conference with reporters on Wednesday. While he wasn’t ready to use the phrase “optimism,” he did note that Fed staff have shifted their forecast after predicting a mild recession just months ago.
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