GDP report shows slowing economic growth
The Bureau of Economic Analysis on Thursday delivered the government’s final report on the U.S. gross domestic product for the second quarter of this year. The report puts the annual rate of economic growth at 2.1 percent for April to June, down from 2.2 percent in the first quarter of the year. The bureau said the deceleration in growth reflected a slowdown in consumer and government spending.
What’s the forecast for the economy? According to 37 professional economic forecasters surveyed by the Federal Reserve Bank of Philadelphia last month, the economy is expected to grow at an annual rate of 1.9 percent in the third quarter. The Federal Reserve has raised interest rates 11 times since March of last year in a bid to slow down inflation. Federal Reserve officials expect to raise interest rates one more time this year.
Dig deeper: Listen to Nick Eicher’s conversation with David Bahnsen on The World and Everything in It podcast about who’s responsible for taming inflation.
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