In the second quarter, the U.S. gross domestic product (GDP) saw a robust real growth of 2.8%, accelerating from the previous quarter’s 1.4% growth and surpassing the 2% estimates.
Inflation pressures, measured by the Personal Consumption Expenditure (PCE) price index, eased from 3.4% to 2.6%, indicating progress towards the Federal Reserve’s 2% target. Core PCE inflation, excluding food and energy items, also fell from 3.7% to 2.9%, though it slightly missed the expected drop to 2.7%.
“The US economy is much stronger than people realize. Those concerned about a growth slowdown should feel reassured by this morning's GDP number,” said Chris Zaccarelli, chief investment officer for Inde