US economy grows more than expected, GDP +2.8%
Durable goods orders in the US fell sharply in June, contrary to expectations. On the other hand, the number of applications for unemployment benefits fell by 10,000 compared to the previous week's revised figure.
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The US economy grew by 2.8% in the second quarter, exceeding analysts' expectations of +2.0%. In the first quarter the GDP had grown by 1.4%. The GDP estimate published today is based on source data that were incomplete or subject to further revisions by the source agency. The second estimate for the second quarter, based on more complete source data, will be published on 29 August 2024.
The Pce figure for US inflation increased to an annualised rate of 2.6 per cent in the second quarter of 2024, based on the preliminary reading of US GDP, after 3.4 per cent in the first quarter. The 'core' figure, the one adjusted for energy and food prices, rose by 2.9 per cent, against expectations for 2.7 per cent, after 3.7 per cent in the first quarter.
Durable goods orders -6.6% in June, below estimates
In June, durable goods orders in the US fell sharply, contrary to expectations. It was down 6.6 per cent from the previous month to USD 264.5 billion, according to the Commerce Department; expectations were for a 0.3 per cent rise. The May figure was confirmed at +0.1%. Excluding transport orders, the figure rose by 0.5 %, after -0.1 % in May (confirmed). Excluding defence, the figure was down by 7%. A key measure for business investment, new orders for non-defence capital goods, excluding the aviation sector, rose by 1%.
USA: -10 thousand applications, unemployment benefits at 235 thousand
The number of applications for unemployment benefits in the US fell by 10,000 compared to the previous week's revised figure. This was reported by the US Labour Department. The seasonally adjusted claims thus amounted to 235,000. The previous week's level was revised upwards by 2,000 from 243,000 to 245,000. The 4-week moving average was 235,500 units, an increase of 250 units from the previous week's revised average. The previous week's average was revised upward by 500 units from 234,750 to 235,250.
