US GDP increased driven by the labor market, although it grew below the level of the first three months of the year.
The US economy maintained a fairly strong growth rate in the second quarter of this yearthe Joe Biden Administration confirmed, and appears to have gained momentum in the current quarter amid a resilient labor market.
The index rose at an unrevised annualized rate of 2.1% last quarter, the Commerce Department reported in its third GDP estimate for the April-June period, representing a pace of expansion slightly below 2.2%. of the first three months of the year.
GDP slowdown
United States GDP growth slowed in the second quarter to 2.1%, one tenth less as a result of a slowdown in consumer spending, exports and federal government disbursements, which were offset, in part, by a rebound in private investment in inventories, an acceleration in non-residential fixed investment and a smaller decline in residential investment. While imports decreased.
For its part, the PCE price index increased 2.5%, while the underlying inflation indicator remained at 3.7%, and the Personal income in current dollars increased by US$239.6 billion in the second quarter. This represents an upward revision of US$7.4 billion compared to the previous estimate. Meanwhile, disposable personal income increased by $296.5 billion, or 6.1%, after being revised upward by $12.1 billion from the previous estimate.
Source: Ambito
