The U.S. second-quarter GDP is coming on Thursday, with Goldman Sachs forecasting a year-on-year growth of 2.3%

Zhitong
2024.07.23 06:18
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The US second-quarter Gross Domestic Product (GDP) data will be released on Thursday evening Beijing time. Goldman Sachs has been concerned about the unstable trend of the US economy in the first half of this year, but recent retail sales and industrial production data have encouraged the institution. Goldman Sachs now expects the US second-quarter GDP to grow by 2.3% year-on-year. Goldman Sachs stated: "Our estimates indicate that the annualized growth rate of the US GDP in the first half of 2024 is 1.9%, with domestic final sales growing at 2.3%, easily surpassing the generally pessimistic expectations at the beginning of the year, only slightly lower than our own initial forecast." Goldman Sachs predicts that consumer spending in the first half of 2024 will increase by around 1.8%, slightly lower than this year's initial forecast. Investments, including residential, commercial, and inventory investments, have exceeded expectations, although housing activity slowed down in the second quarter after a surge in the first quarter due to a drop in mortgage rates. Net exports fell short of expectations due to continued weak commodity exports. In addition, Goldman Sachs forecasts a 2.6% growth in the US GDP for the third quarter of 2024 and a 2.4% growth for the fourth quarter

According to the financial news app Zhitong Finance, the US second-quarter Gross Domestic Product (GDP) data will be released on Thursday night Beijing time. Goldman Sachs has been concerned about the unstable trend of the US economy in the first half of this year, but recent retail sales and industrial production data have encouraged the institution. Goldman Sachs now expects the US second-quarter GDP to grow by 2.3% year-on-year.

Goldman Sachs stated: "Our estimates indicate that the annualized GDP growth rate for the first half of 2024 in the US is 1.9%, with domestic final sales growing at a rate of 2.3%, easily surpassing the generally pessimistic expectations at the beginning of the year, only slightly lower than our own initial forecast."

Goldman Sachs predicts that consumer spending in the first half of 2024 will increase by around 1.8%, slightly lower than this year's initial forecast.

Investment, including residential, commercial, and inventory investment, exceeded expectations, despite housing activity slowing down in the second quarter after a surge in the first quarter due to a drop in mortgage rates.

Due to continued weak commodity exports, net exports fell short of expectations.

In addition, Goldman Sachs forecasts a 2.6% GDP growth in the US for the third quarter of 2024 and a 2.4% growth in the fourth quarter

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