US GDP Grows by 1.6%

The revised Gross Domestic Product surpassed predictions according to results released by the US Commerce Department this morning. The new figures indicate a 2.4 percent increase for the second quarter but this was tempered somewhat by news that corporate profits grew at their slowest rate in a year, and employee wages in the prior three months were revised lower.

“The economy has slowed a bit and will probably continue to slow through the second half,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We’re skating on thin ice, and we don’t have a lot of margin for error.”

Source: Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.