U.S. gross domestic product (GDP) expanded at an annual rate of 2.8 percent in the second quarter, the first estimate from the U.S. Bureau of Economic Analysis showed on Thursday. The reading follows the 1.4 percent growth recorded in the first quarter and is above market expectations of 2 percent.
Follow our live coverage of the US GDP report and market reaction.
Other details of the report showed that the Gross Domestic Product Price Index rose 2.3% in the second quarter, below market expectations of 2.6%. In addition, the core personal consumption price index rose 2.9% quarter-on-quarter, below the 3.7% increase recorded in the first quarter, but above analysts’ estimate of 2.7%.
“The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports, which subtract from GDP, increased,” the BEA said in its press release.
Market reaction to US GDP data
The US Dollar (USD) gained strength against its rivals with the immediate reaction to the upbeat GDP data. At press time, the USD Index was up 0.1% on the day and stood at 104.40.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
