Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

US economic growth expanded much faster in the first quarter than previously estimated
Channel 3000 News/CNN ^ | June 29, 2023 | CNN Staff

Posted on 06/29/2023 7:12:36 AM PDT by Diana in Wisconsin

The US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday.

Gross domestic product, the broadest measure of economic output, rose by an annualized rate of 2% in the first quarter, up from the second estimate of 1.3%. That was also well above economists’ expectations of 1.4% rate, according to Refinitiv.

The department’s final estimate of first-quarter GDP reflected an upward revision to exports, consumer spending, state and local government spending, and investment from housing businesses, such as landlords. The new data showed that Americans spent more on services and less on goods, including a jump in spending on health care services. Consumer spending accounts for about two-thirds of economic output and the latest estimate incorporated data from the Commerce Department’s Quarterly Services Survey.

The revised trade flows contributed positively to GDP, with exports rising more than previously estimated while imports were revised down. Residential fixed investment — spending from housing businesses or landlords — had less of a drag on GDP. Nonresidential businesses cut back more than previously reported, specifically more on equipment purchases.

The final first-quarter GDP estimate shows that the US economy was in much better shape than previously thought, thanks to resilient US consumers, though economists say that momentum has slowed in recent months.

“While consumers are still spending, they are exercising more discretion as lingering inflation and the Federal Reserve’s tightening cycle take their toll,” wrote Gregory Daco, chief economist at Ernst & Young, in an analyst note. “We still believe a recession is more likely than not, but we have lowered our recession odds to 55%, and if it were to materialize it would have unique characteristics.”

(Excerpt) Read more at channel3000.com ...


TOPICS: Business/Economy; Culture/Society; Government
KEYWORDS: economy; inflation
Navigation: use the links below to view more comments.
first 1-2021 next last
"And that’s on the backdrop of banks toughening their lending standards, inflation still hovering above the Fed’s 2% target, student loan payments restarting later this year, and the labor market steadily cooling. Consumers are facing a challenging economic landscape in the future, but many economists, including Fed Chair Jerome Powell, have lauded the resilience of the US economy."
1 posted on 06/29/2023 7:12:36 AM PDT by Diana in Wisconsin
[ Post Reply | Private Reply | View Replies]

To: All

It’s all Sunshine, Rainbows and Magical Unicorns in Brandon World, according to CNN. ;)


2 posted on 06/29/2023 7:13:25 AM PDT by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

GDP stats are pretty volatile, contain a lot of information, and mostly are important in terms of medium-term trends, not quarterly fluctuations.


3 posted on 06/29/2023 7:16:13 AM PDT by babble-on
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

Ooh, the latest propaganda from Party Central!!

Choco rations going up 25 grams next week.

Jolly good, eh?


4 posted on 06/29/2023 7:16:17 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

5 posted on 06/29/2023 7:16:36 AM PDT by ProtectOurFreedom (I don’t like to think before I say something...I want to be just as surprised as everyone else.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: All

Hi there!!

Have you donated to the Freepathon yet?


6 posted on 06/29/2023 7:17:22 AM PDT by Brad’s Gramma (I can do ALL things through Christ Who strengthens me!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

The Commerce Department decided to help Joe Biden get reelected?


7 posted on 06/29/2023 7:19:19 AM PDT by zeestephen (Trump "Lost" By 43,000 Votes - Spread Across Three States - GA, WI, AZ)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin
"Consumers" spent more on health care?

Translation - government, employers, and some consumers spent more on health care.

8 posted on 06/29/2023 7:23:53 AM PDT by zeestephen (Trump "Lost" By 43,000 Votes - Spread Across Three States - GA, WI, AZ)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

How? Businesses are near universally tapping the breaks on spending and real estate had ground down to a percentage of volume from before the rate hikes.


9 posted on 06/29/2023 7:24:59 AM PDT by ilgipper (The mob only destroys. Never creates. )
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

😂😂😂😂😂💃🕺 Oh, otay......


10 posted on 06/29/2023 7:28:59 AM PDT by rktman (Destroy America from within? Check! WTH? Enlisted USN 1967 to end up with this💩? 🚫💉)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

Sure it did and Biden did not take any bribes either.


11 posted on 06/29/2023 7:31:02 AM PDT by bray
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

Amazing what happens when you on-shore supply chains from China!


12 posted on 06/29/2023 7:38:04 AM PDT by jimmygrace
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

https://fred.stlouisfed.org/release/tables?rid=53&eid=5272#snid=5308
Fed Gov part in this “growth”


13 posted on 06/29/2023 7:42:56 AM PDT by griswold3 (Truth, Beauty and Goodness )
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

US economic growth expanded much faster

The snail moved another nap expected.


14 posted on 06/29/2023 7:49:23 AM PDT by Vaduz (....)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

CLINTON NEWS PIPE DREAM!


15 posted on 06/29/2023 7:50:24 AM PDT by GailA (Constitution vs evil Treasonous political Apparatchiks, Constitutional Conservative.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Diana in Wisconsin

Inflationary bubble growth and with some industries becoming dependent on federal investment, subsidy and tax credit programs to obtain and maintain that growth, endangering the sustainability of that growth without continued massive federal largess.


16 posted on 06/29/2023 7:58:06 AM PDT by Wuli
[ Post Reply | Private Reply | To 1 | View Replies]

To: babble-on

How does the billions of dollars invested in proxy wars factor into it? 🤔
Consumers have taken the govts playbook and keep spending money they dont have…. I can already hear Biden promising to wipe out credit card debt right before the election next year… lol


17 posted on 06/29/2023 8:07:24 AM PDT by MrRelevant
[ Post Reply | Private Reply | To 3 | View Replies]

To: Wuli

Per post 13
How can there be an increase of gdp with a decrease in fed revenue?


18 posted on 06/29/2023 8:18:23 AM PDT by griswold3 (Truth, Beauty and Goodness )
[ Post Reply | Private Reply | To 16 | View Replies]

To: griswold3

gdp and federal revenue do not necessarily have to trend in the same direction

the gdp can seem to grow, even when that growth is in part funded by federal money printing from expanded federal debt


19 posted on 06/29/2023 8:25:09 AM PDT by Wuli
[ Post Reply | Private Reply | To 18 | View Replies]

To: Diana in Wisconsin

Ha ha, you Republican neo-nazis! The economy is booming and you fascists will finally be swept out of power for good in 2024!

We have plans for you racists. A gulag for you named MAGAdan! We’ll teach you that work makes you free!

(Oops, my mask seems to have slipped.)


20 posted on 06/29/2023 8:26:48 AM PDT by 17th Miss Regt ( )
[ Post Reply | Private Reply | To 2 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson