August 30, 2023
The estimate for second-quarter US financial progress was lowered to 2.1% from an earlier forecast of two.4%, the US Bureau of Financial Evaluation reported Aug. 30.
The brand new GDP estimate is predicated on extra full supply knowledge than had been obtainable for the preliminary or “advance” estimate.
Nonetheless, the forecast stays above the two% estimated for the primary quarter.
“The financial system is slowing to a tempo that can assist carry demand consistent with the US’s productive capability and tame inflation,” wrote Invoice Adams, chief economist at Comerica Financial institution, in an analyst be aware, CNN reported. “The GDP revisions are excellent news on two ranges: Progress nonetheless appears to be like good, and the downward revisions scale back the chance of the financial system working too sizzling and exacerbating inflation.”
The third estimate of GDP progress is scheduled to be launched on Sept. 28.
