Magnus
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- Jun 22, 2020
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The U.S. economy accelerated in the second quarter as consumers increased their spending, businesses invested more in equipment and stocked inventories, and inflation cooled.
Gross domestic product—the value of all goods and services produced in the U.S., adjusted for inflation and seasonality—rose at an annual rate of 2.8% for April through June to $22.9 trillion, the Commerce Department said Thursday.
That was faster than the 1.4% pace in the first quarter, and well above the 2.1% rate economists had expected. Household spending, the main driver of the U.S. economy, increased at a quicker pace as Americans’ incomes continued to rise.
Stocks rose after the report, with the Dow Jones Industrial Average edging up about 250 points, or 0.6%. The S&P 500 was up 0.4%, after a big market selloff the day before.
This is why you need the Dems in charge. Not too shabby with an old guy at the helm. Imagine what we will achieve with his dynamic successor.
Gross domestic product—the value of all goods and services produced in the U.S., adjusted for inflation and seasonality—rose at an annual rate of 2.8% for April through June to $22.9 trillion, the Commerce Department said Thursday.
That was faster than the 1.4% pace in the first quarter, and well above the 2.1% rate economists had expected. Household spending, the main driver of the U.S. economy, increased at a quicker pace as Americans’ incomes continued to rise.
Stocks rose after the report, with the Dow Jones Industrial Average edging up about 250 points, or 0.6%. The S&P 500 was up 0.4%, after a big market selloff the day before.
This is why you need the Dems in charge. Not too shabby with an old guy at the helm. Imagine what we will achieve with his dynamic successor.
