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U.S. economy grew by 2.4% in second quarter of 2023, data shows

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The U.S. economy grew by 2.4% in the second quarter of this year, according to new data.

GDP grew by 2% in the first quarter, the U.S. Bureau of Labor Statistics says.

“The increase in real GDP reflected increases in consumer spending, nonresidential fixed investment, state and local government spending, private inventory investment, and federal government spending that were partly offset by decreases in exports and residential fixed investment,” BLS said.

The chart below shows the trend since 2019:

Americans’ disposable income increased.

“Disposable personal income increased $248.2 billion, or 5.2 percent, in the second quarter, compared with an increase of $587.9 billion, or 12.9 percent, in the first quarter,” BLS said. “Real disposable personal income increased 2.5 percent in the second quarter, compared with an increase of 8.5 percent.”

Savings increased as well.

“Personal saving was $869.5 billion in the second quarter, compared with $840.9 billion in the first quarter,” BLS said. “The personal saving rate – personal saving as a percentage of disposable personal income – was 4.4 percent in the second quarter, compared with 4.3 percent in the first quarter.”

Thursday’s GDP data features advanced estimates and will likely be slightly amended.

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