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2.4%
“The U.S. economy grew solidly last quarter and remained well clear of a recession despite the Federal Reserve pushing interest rates higher,” the Wall Street Journal reports. “Gross domestic product grew at a seasonally and inflation adjusted annual rate of 2.4% in the second quarter, picking up slightly from 2% growth in the first three months of the year.”
1.9%
Morgan Stanley is crediting President Biden’s economic policies with driving an unexpected surge in the U.S. economy that is so significant that the bank was forced to make a “sizable upward revision” to its estimates for U.S. gross domestic product, CNBC reports. As a result of these unexpected swells, Morgan Stanley now projects 1.9% GDP growth for the first half of this year. That’s nearly four times higher than the bank’s previous forecast of 0.5%.
3%
U.S. consumer prices rose 3 percent in the year through June, a considerable cool-down from the peak of around 9 percent last summer, reports the New York Times.
209,000
The U.S. labor market added 209,000 jobs in June, while the unemployment rate ticked down to 3.6%, the government said Friday, reports Axios.
339,000
CNBC: Nonfarm payrolls in May increased by 339,000, better than the 190,000 Dow Jones estimated.
The unemployment rate rose to 3.7% in May against the estimate for 3.5%. May’s jobless rate was the highest since October 2022. Professional and business services led job creation followed by government and health care.
9.59 million
US job openings dropped to 9.59 million in March, roughly 1.6 million fewer than in December, according to government data released yesterday. Analysts claim the figure—the lowest level in nearly two years—indicates the tight labor market is normalizing, which the Federal Reserve sees as a necessary step in reducing inflation (see explanation).
311,000
“U.S. hiring grew solidly but cooled some in February as employers added 311,000 jobs, while unemployment rose to 3.6%,” the Wall Street Journal reports.
517,000
“The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their strongest gain since July 2022,” CNBC reports. “Nonfarm payrolls increased by 517,000 for January, above the Dow Jones estimate of 187,000. The unemployment rate fell to 3.4% vs. the estimate for 3.6%.”
3.2%
“America’s economy grew much faster than previously thought in the third quarter, a sign that the Federal Reserve’s battle to cool the economy to fight inflation is having only limited impact,” CNN reports. “The Commerce Department’s final reading Thursday morning showed gross domestic product, the broadest measure of the US economy, grew at an annual pace of 3.2% between July and September. That was above the 2.9% estimate from a month ago.”
2.9%
“The economy grew at an annual 2.9% pace in the third quarter, updated figures show, and the U.S. is on track to expand again in the waning months of 2022 despite growing worries of recession,” Marketwatch reports.
