Q2 2023 Economic Report
GDP GROWTH • EMPLOYMENT • MONETARY POLICY • GLOBAL ECONOMY
GDP GROWTH: TRENDING IN Q2 2023
The Commerce Department said the U.S. economy grew at a 2.4% annual rate in the second quarter, an increase from the 2% gain in Q1, defying both expectations and attempts by the Federal Reserve to slow it down to curb inflation.
EMPLOYMENT: TRENDING IN Q2 2023
The unemployment rate remained virtually unchanged even as job growth eased in June with payrolls increasing by 209,000, less than expected, and down from 306,000 new positions the previous month.
Average hourly earnings grew 4.4% in June from a year earlier, well above the pre-Covid pace of growth. Through the first half of 2023, payrolls have grown an average of 278,000 a month, down from nearly 400,000 last year.
MONETARY POLICY: TRENDING IN Q2 2023
Following the latest Federal Open Market Committee meeting June 7, Federal Reserve officials signaled they are likely to increase borrowing costs by 0.5% by the end of 2023. The Fed’s benchmark borrowing rate currently is pegged between 5%-5.25%.
The information and details contained herein have been obtained from third-party sources believed to be reliable, however, Lee & Associates has not independently verified its accuracy. Lee & Associates makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to, the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information.
The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice. Third-party data sources: CoStar Group, Inc., The Economist, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Congressional Budget Office, European Central Bank, GlobeSt.com, CoStar Property and Lee Proprietary Data.
© Copyright 2023 Lee & Associates all rights reserved. Third-party Image sources: sorbis/shutterstock.com, shutterstock.com, pixabay.com, istock.com
