The US economy grew by 6.5 % in the second quarter, following a 6.4 % expansion in the previous three-month period, below analysts’ estimate of 8.5%. Growth was driven by increases in personal consumption expenditures, nonresidential fixed investment, exports, and state and local government spending that were partly offset by decreases in private inventory investment, residential fixed investment, and federal government spending. Imports also increased. The rapid spread of the coronavirus delta variant, supply-chain disruptions, shortage of workers and a cooling housing market are seen weighing on the growth for the rest of the year. The Fed sees the economy growing 7% in 2021 and 3.3% in 2022.
The number of Americans filing for unemployment benefits was 0.400 million in the week ended June 24th, compared to 0.419 million rise reported in the previous week. Today’s reading came in above market expectations of 0.380 million. Continuing claims reading, which lags initial jobless claims data by one week, increased to 3.269 million, while analysts expected a decrease to 3.196 million.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appEURUSD broke above the 1.1880 resistance after today's data releases and is heading towards next resistance level at 1.1915. Source:xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.