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US Economy Grew 1.5% in Second Quarter, Down from 2.1% in First
🇰🇷 South Korea /Economy & Trade

US Economy Grew 1.5% in Second Quarter, Down from 2.1% in First

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • The U.S. economy grew at an annualized rate of 1.5% in the second quarter, down from 2.1% in the first quarter.
  • The Bureau of Economic Analysis reported that real Gross Domestic Product (GDP) increased by 0.4% compared to the previous quarter.
  • The Personal Consumption Expenditures (PCE) price index, a measure of inflation, rose 5.1% on an annualized basis.

The United States economy experienced a slowdown in growth during the second quarter of the year. The Bureau of Economic Analysis announced that the annualized growth rate for the second quarter (April-June) stood at 1.5%. This figure represents a decrease from the 2.1% annualized growth recorded in the first quarter.

According to the official report, real Gross Domestic Product (GDP) saw an increase of 0.4% when compared to the preceding quarter. The nominal GDP growth rate for the period was reported at 7.9%. This indicates a moderation in the pace of economic expansion.

Accompanying the GDP figures, the Personal Consumption Expenditures (PCE) price index, a key indicator for inflation, registered a significant rise. The index increased by 5.1% on an annualized basis, reflecting ongoing price pressures within the economy.

DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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