US Final GDP data released on Thursday showed an annualized increase in the first quarter of 2023 of 2.0%, revised upwards from the second estimate in May.
The BEA noted that the current US Dollar GDP, which does not account for the impact of inflation on the current value of GDP, increased by 6.1% year-on-year, lower than the 6.6% gain in Q4 2022.
Current dollar personal income increased in the first quarter by $278.0 billion, revised upwards from $251.3 in the second estimate. The increase was primarily due to an increase in wages and government social benefits, according the BEA. This was considerably lower than the fourth-quarter reading of $398.8 billion.rose 4.9% in Q4, a shade below the 4.8% gain in the second estimate.
The US economy is slowing down, but the labour market remains surprisingly resilient despite high interest rates. Initial jobless claims, released today, dropped to 239,000, down from 265,000 previously and below the consensus of 264,000. The Fed needs the labour market to cool down before it can wrap up its rate-hike campaign, and we are likely to see rate hikes in July and in September or October.he US dollar has gained against all the major currencies in the aftermath of the GDP and unemployment claims reports, on optimism that the Fed will raise interest rates in July.
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