{"id":1960064,"date":"2023-06-29T08:42:02","date_gmt":"2023-06-29T12:42:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gdp-revised-up-to-2-growth-rate-in-first-quarter\/"},"modified":"2023-06-29T08:42:59","modified_gmt":"2023-06-29T12:42:59","slug":"gdp-revised-up-to-2-growth-rate-in-first-quarter","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gdp-revised-up-to-2-growth-rate-in-first-quarter\/","title":{"rendered":"First quarter GDP growth rate revised up to 2%."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgdp-revised-up-to-2-growth-rate-in-first-quarter%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1960064&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Bureau of Economic Analysis Announces Strong First-Quarter GDP Growth<\/h2>\n<p>The Bureau of Economic Analysis on Thursday announced that first-quarter GDP growth clocked in at a <strong>2% annual rate<\/strong>. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-media-talking-point-economy-not-in-recession-its-recalibrating\/\" title=\"New Media Talking Point: Economy Not in Recession - It's Recalibrating!\">gross domestic product numbers<\/a>, which are adjusted for inflation, were revised up from the previous estimate of 1.3%. Thursday\u2019s report, which is the third and final GDP estimate for this year\u2019s first quarter, indicates that the economy was able to stay above water despite rising interest rates and other economic headwinds.<\/p>\n<h3>Positive News Amidst Economic Challenges<\/h3>\n<p>Still, first-quarter GDP growth was lower than the preceding quarter&#8217;s 2.6% clip, showing a slowdown attributable in part to the Federal Reserve\u2019s campaign to tighten monetary policy and drive down inflation. After more than a year of successive rate hikes \u2014 some by very aggressive margins \u2014 this month the Fed opted to hold rates steady at 5% to 5.25%, a pause that the Fed itself has indicated might be merely temporary.<\/p>\n<h2>Declining GDP and Economic Outlook<\/h2>\n<p>Declining GDP is the biggest indicator of a potential economic downturn or recession. Typically, two back-to-back quarters of negative GDP growth are indicative of a recession. So the fact that GDP was positive in the first quarter is welcome news to economists, many of whom just months ago were predicting the country might be in a recession by now.<\/p>\n<p>The economy has faced some upheaval this year as the Fed has hiked rates, adding to a list of factors that could determine whether the U.S. faces a recession. The banking system is still feeling the aftershocks of the sudden failure of Silicon Valley Bank, which led to the subsequent collapse of Signature Bank and, more recently, First Republic Bank. The failures have caused investors to dial back expectations for just how high rates will rise this year.<\/p>\n<h3>Resilient Labor Market and Positive Job Growth<\/h3>\n<p>But despite the historic rate hikes, many elements of the economy have remained surprisingly resilient \u2014 the most notable of which is the country\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/most-americans-saw-their-incomes-shrink-in-july\/\" title=\"Most Americans Saw Their Incomes Shrink in July\">red-hot labor market<\/a>. While there have been some cracks showing (<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gdp-revised-up-to-2-growth-rate-in-first-quarter\/\" title=\"First quarter GDP growth rate revised up to 2%.\">seasonally adjusted initial jobless claims<\/a> have been gradually trending up, for instance), other indicators show that work is still plentiful.<\/p>\n<p>For example, the economy crushed expectations in May and added 339,000 jobs while the unemployment rate crept up slightly to a still-low 3.7%. Job openings also unexpectedly increased in April, rising to above 10 million for the first time since January, showing that employers are still looking for workers to hire.<\/p>\n<h2>Political Implications and Public Perception<\/h2>\n<p>The bright spots in the economy have been a political boon to President Joe Biden. Despite families and businesses across the country still feeling the sting of high inflation, the Biden administration has touted the labor market and has even rolled out the use of the term \u201cBidenomics\u201d over the past week or so to highlight the economy. The GOP has also highlighted surveys that show Americans don\u2019t view the economy as favorably as Democrats would portray it as.<\/p>\n<p>Half of voters consider the current state of the U.S. economy to be \u201cpoor,\u201d according to polling conducted by data analytics company Premise. A mere 12% say that the economy is in \u201cgood\u201d or \u201cexcellent\u201d shape right now.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bureau of Economic Analysis reported a 2% annual rate of GDP growth for the first quarter. The revised numbers, adjusted for inflation, were higher than the previous estimate of 1.3%. This final report for the first quarter suggests that the economy is performing better than initially thought.<\/p>\n","protected":false},"author":1,"featured_media":1960065,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1960064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1960064"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1960064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1960065"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1960064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1960064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1960064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}