Takeaways from latest GDP report showing US economy is making history
CNN
The US economy just got its latest health check, and it looks promising.
The US economy just got its latest health check, and it looks promising. Gross domestic product, which measures all the goods and services produced in the economy, registered at a robust 2.8% annualized rate in the second quarter, after adjusting for inflation and seasonality, the Commerce Department said Thursday. That’s double the 1.4% rate seen earlier this year, and well above the 1.9% rate economists projected in a FactSet poll. A closer look shows that key parts of the economy improved from April through June compared to the prior three months, despite the highest interest rates in nearly a quarter century and persistent price pressures. The government’s GDP report isn’t always easy to decipher. Sometimes the headline number masks trends under the surface. But this time, there’s no mistaking that the American economy is truly on solid footing, from consumers to businesses. It also shows that the economy could pull off an extremely rare “soft landing.” That’s when inflation comes under control without the economy slipping into a recession, something that experts say has only happened once before, during the 1990s. Here are some key takeaways from Thursday’s GDP release.
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