The BEA released its first estimate of GDP growth in Q2 and there were no surprises. It was up a respectable 2.4%:
GDP growth was mostly due to increased consumer spending and nonresidential investment. For those predicting a soft landing, this was good news.
A 'soft landing' would be wonderful for the US, and politically, for Biden. Lets hope!
If you compare it against nominal GDP, you can see that growth is slowing gradually.
Nonetheless, nominal GDP growth in Q2-2023 was still higher than more than half of Trump's presidency.
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