The strongest economy in the world continues to perform:
Economic activity in the U.S. was considerably stronger than expected during the second quarter, according to an initial estimate Thursday from the Commerce Department.
Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at a 2.8% annualized pace adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for growth of 2.1% following a 1.4% increase in the first quarter.
Consumer spending helped propel the growth number higher, as did contributions from private inventory investment and nonresidential fixed investment. [snip]
There was some good news on the inflation front: the personal consumption expenditures price index, a key measure for the Federal Reserve, increased 2.6% for the quarter, down from the 3.4% move in Q1. Excluding food and energy, core PCE prices, which the Fed focuses on even more as a longer-term inflation indicator, was up 2.9%, down from 3.7% in the prior period.
The so-called chain-weighted price index, which takes into account changes in consumer behavior, increased 2.3% for the quarter, below the 2.6% estimate...
Reality continues to not jibe with those darn "vibes"!
I'll turn on the MAGA translator "Gummint reports worst economic news in history!! Record inflation numbers indicate recession on the horizon!! gas prices to hit 11.00 a gallon by labor day!! Stock prices drop to levels not seen since 1933!! Public demands Preznident TRump return to the white house Immediately!!!!........
ReplyDeleteseafury -- don't need or want MAGA translator. It's enough to cope in the sane world here!
ReplyDelete