US Q2 GDP growth unrevised at 2.1%; weekly jobless claims edge higher

📆 2023-09-28 11:55 AM
📰 YahooFinanceCA

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The U.S. economy maintained a fairly strong pace of growth in the second quarter, the government confirmed on Thursday, and appears to have gathered momentum this quarter amid a resilient labor market. The government also revised GDP data from 2017 to incorporate new source information and made some statistical improvements such as the treatment of regulated investment companies and real estate investment trusts. The government also introduced new price measures, the personal consumption expenditures (PCE) price index excluding food, energy and housing, and PCE services excluding energy and housing, or the so-called super core inflation.

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GDP was revised down in each of the first quarters of 2020, 2021 and 2022 mostly due to downgrades to consumer spending growth. But the Bureau of Economic Analysis , the agency that constructs the GDP report, said there was no evidence that residual seasonality, which plagued the GDP data several years ago, was an issue.

The economy is being underpinned by a resilient labor market, which is driving strong wage gains. Growth estimates for the July-September quarter are currently as high as a 4.9% rate.

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