Compared with the first quarter, the acceleration in GDP was mainly driven by the rebound in inventory investment and consumption. These movements were partly offset by the decline in residential fixed investment.
The U.S. gross domestic product (GDP) grew by 0.7% in the second quarter, three-tenths more than the previous quarter, according to the third estimate published Thursday by the Bureau of Economic Analysis of the Department of Commerce.
The Office reported that the review reflects increases in private investment in inventories and federal public spending, which were offset by reductions in non-residential fixed investment and lower export dynamism. Imports, on the other hand, increased.
Compared with the first quarter, the acceleration in GDP was mainly driven by the rebound in inventory investment and consumption.
These movements were partly offset by the decline in residential fixed investment.
On an annualized basis, US GDP rose 3% between April and June, compared with 1.6% in the previous three months.
Increased household spending, investments in inventories and non-residential fixed assets accounted for GDP growth, while imports detracted from growth.
UNEMPLOYMENT RATE
The number of applications for unemployment benefits in the United States reached 218,000 last week, a decrease of 4,000 people compared to the previous figure, according to data published on Thursday by the Department of Labor.
The number of recipients of this benefit in the week ending September 14 totaled 1.834 million, equivalent to an increase in the number of beneficiaries of 13,000 people, compared to 1.821 million in the previous week.
In the same comparable period in 2023, the number of citizens receiving benefits reached 1.795 million.
The US unemployment rate fell by one-tenth in August to 4.2%, while 142,000 non-farm jobs were created, a figure much higher than the 89,000 new jobs in the seventh month of 2024.
The number of unemployed in August was 7.115 million compared to 7.163 million in July, including 1.533 million long-term unemployed (those out of work for 27 weeks or more), who accounted for 21.5% of the total unemployed.
The number of people employed part-time for economic reasons increased by 264,000 to 4.83 billion. The labour force participation rate remained unchanged at 62.7%.
