GDP grew at a 2.4% pace in the second quarter, topping expectations

The U.S. economy displayed robustness in the second quarter, defying recession concerns, as reported by the Commerce Department on Thursday.

Gross Domestic Product (GDP), the total value of goods and services produced, grew at a faster-than-expected annualized rate of 2.4% for the period from April to June.

This outperformed the consensus estimate of 2% by Dow Jones and also exceeded the 2% pace seen in the first quarter, CNBC reported.

Following the positive report, the markets reacted with optimism, leading to a rise in stock values and an increase in Treasury yields.

READ MORE: https://www.cnbc.com/2023/07/27/gdp-q2-2023-.html

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