The latest economic data released on Wednesday provides a snapshot of the US economy's performance.
Gross Domestic Product (GDP): Data from the Bureau of Labor Statistics shows that GDP grew by just 1.5% in the second quarter. Economists surveyed by Dow Jones had predicted a growth rate of 1.8%, while the first quarter saw an increase of 2.1%.
Personal Consumption Expenditures (PCE) Price Index: After seasonal adjustments, the PCE price index dropped by 0.1% for the month, bringing the annual inflation rate down to 3.7%. This reading matched expectations. When excluding food and energy, core PCE rose 0.1% month-over-month and 3.3% year-over-year, compared to forecasts of a 0.2% monthly increase and a 3.3% annual gain.
Jobless Claims: According to the Labor Department, initial jobless claims for the week ending July 25 totaled 197,000, an increase of 9,000 from the previous week's revised level.
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