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Special Report

GDP Research Brief

August 2023

GDP Reaffirms Resilience in the Economy,
Boosts Prospects of a Soft Landing

U.S. economic growth accelerates. Real gross domestic product increased at an annualized rate of 2.4 percent in the second quarter of this year, outpacing consensus expectations for 1.5 percent growth. It also marked an acceleration from the 2.0 percent advance during the first three months of 2023. Gains in consumer spending, non-residential fixed investment, private inventory investment, as well as state, local and federal government spending, contributed to this momentum. The U.S. economy has now expanded at a 2-plus percent pace in each of the past four quarters, following a mild reduction in early 2022.

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