According to the Bureau of Economic Affairs, the annualized US nominal GDP was at $25 trillion in the second quarter growing at 8.5%. The real GDP shrunk by 0.6% but the real GDI (Gross Domestic Income) grew by 0.1%. In short, the GDP grew only with inflation and not in real terms. This is the economic slowdown which everyone, including the Fed, was waiting for.
Based on various forecasts, it is likely that Q3 & Q4 2022 and 2023 numbers are positive.
To keep a long-term perspective on the US economy, the 2032 US GDP is expected to be $37 Trillion, according to the Congressional Budget Office. This more than $1 Trillion growth every year, on an average, for the next 10 years.
According to the BLS (Bureau of Labor Statistics), the unemployment rate decreased further in September to 3.5%. Total number of job openings were at 10 million while people looking for jobs were 5.8 million.
Inflation @8.2% is in a downward trend, having peaked in June 2022 @9.1%
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