U.S. real gross domestic product (GDP) increased at an annual rate of 2.4 percent in the second quarter of 2023 according to the advance estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP had increased 2.0 percent.
The GDP result was better than analysts expected and has reduced fears that the Federal Reserve’s efforts to battle inflation by raising interest rates will result in a recession, and declines in real GDP, in the near term. The Federal Reserve raised rates a quarter point on Wednesday.
Consumer concerns about the economy and higher interest rates have
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