gdp
Washington (AFP) - The US economy cooled markedly in the first three months this year, expanding less than anticipated as consumer spending and exports decelerated, according to government data released on Thursday. The world's biggest economy grew 1.6 percent in the first quarter, the Commerce Department said, missing analysts' expectations of a larger 2.4 percent rise. This was also a clear slowdown from the 3.4 percent increase in the final three months of last year, and the weakest rate since mid-2022. President Joe Biden maintained that the "report shows the American economy remains stron...
AFP
Superior (United States) (AFP) - US President Joe Biden and his Treasury chief touted the country's robust 2023 economic performance Thursday, with stronger than expected growth offering a boost as the Democratic incumbent revs up his reelection campaign. "Experts, from the time I got elected, were insisting that the recession was just around the corner," Biden said in a speech in Wisconsin. "Well, you know, we've got really strong growth." He was referring to data released earlier Thursday that showed the US economy -- fueled by a resilient jobs market and consumer spending -- grew at an annu...
AFP
Washington (AFP) - The US economy heated up more than expected in the third quarter, government data showed on Thursday, as a resilient job market helped boost consumer spending, holding off the prospect of a recession. Analysts have raised fears of a downturn as the US central bank started lifting interest rates rapidly last year to fight inflation, but the world's biggest economy has so far defied these predictions. A key factor is the strong labor market, which has provided healthy wage growth, allowing consumers to keep spending even as they draw down on pandemic-era savings. Gross domesti...
AFP
Washington (AFP) - The US economy defied expectations of a slowdown as growth accelerated in the second quarter, according to government data released Thursday, supported by business investment and resilient consumer spending. GDP growth in the world's biggest economy hit an annual rate of 2.4 percent for the April-June period, said the Commerce Department, despite analyst predictions of a cooldown from the two percent rate in the first three months this year. Although analysts have been warning of a potential downturn as the US central bank raised interest rates rapidly to tamp down demand an...
AFP
Washington (AFP) - US economic growth lost steam in the first quarter as gloomier business investment countered a rise in consumer spending, the Commerce Department said Thursday, while the possibility of a mild recession brews. Consumption has provided a boost to the world's biggest economy, giving it a strong start to 2023, but recent banking sector turmoil and higher interest rates weigh on the outlook. US gross domestic product rose at an annual rate of 1.1 percent in the January to March period, markedly less than expected and down from 2.6 percent in the final three months last year. "Co...
AFP
Washington (AFP) - The US economy grew at a slower pace in 2022 but performed better than expected in the final months of last year, the Commerce Department said Thursday, as recession fears loomed. Economic activity has been moderating as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged. The property sector has slumped, followed by declines in manufacturing and retail sales. Against this backdrop, the world's largest economy expanded 2.1 percent for all of 2022, down from the figure in 2021, accordi...
AFP
Washington (AFP) - The US economy is forecast to have grown but at a slower pace in the final months of 2022, helped by consumption and business investment although recession fears loom. Economic activity has been easing as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged. The property sector has slumped, followed by declines in manufacturing and retail sales. Against this backdrop, the world's biggest economy is seen to expand 2.6 percent in the October to December period, according to a consensus f...
AFP
Washington (AFP) - The US economy expanded 3.2 percent in the third quarter, the Commerce Department said Thursday, in a further upward revision of data reflecting stronger consumer spending and investment than earlier estimated. The world's biggest economy grew for the first time this year in the July to September period, after two quarters of contraction that worsened recession fears. It earlier revised the GDP figure to 2.9 percent, annualized -- already an improvement from the 2.6 percent first reported in October. Both adjustments "primarily reflected upward revisions to consumer spending...
AFP
Washington (AFP) - The US economy rebounded in the third quarter, government data showed Thursday, in welcome news for President Joe Biden days before midterm elections, though analysts warn of a gloomier path ahead. Economic issues have become a flashpoint in the United States, with decades-high inflation weighing on growth and squeezing households. Fears of a downturn have intensified in the world's biggest economy after two quarters of negative growth, commonly viewed as a strong signal that a recession is underway -- a trend that would have global consequences and domestic political costs....
AFP
Washington (AFP) - The world's largest economy staged a solid recovery last year as it grew at the fastest pace since 1984, but damage from the Omicron variant of Covid-19 is imminent. Surging prices continue to pose a challenge, as inflation picked up speed in the final three months of the pandemic's second year, according to official data released Thursday. That threatens to dampen the consumer demand that has underpinned the recovery, while shortages and supply chain snarls continue to create headaches for businesses, and for President Joe Biden's efforts to return the country to normal. Af...
AFP
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