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This growth marks a strong rebound from a sluggish 1.4 percent increase in Q1 2024Â
The upside risks to U.S. inflation have diminished while the downside risks to employment have increased
The reading was expected to remain unchanged at 49.1
Central bank officials agreed to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent during the July meeting
Core inflation, excluding food and energy, held steady at 2.9 percent despite overall inflation rising
This growth rate represents the largest increase since the first quarter of 2021
The total number of employed and self-employed individuals rose to 46.1 million
Fed rate cut likely as inflation continues to decline
RBA sees easing wage pressures, but inflation battle persists
The increase, although expected, was slightly smaller than the 2.3 percent rise anticipated by analysts
The corporate goods price index hit a record high of 123.1, marking the eighth straight month of increases
Energy prices fell 1.7 percent YoY, while food prices rose 1.3 percent
The report projected 2.1 percent U.S. economic growth in 2024, down from 2.5 percent in 2023
The eurozone's service sector inflation declined to 4 percent from 4.1 percent in June
The central bank raised its short-term policy rate to levels not seen since 2008, defying market expectations
Germany, Eurozone's biggest economy, unexpectedly contracted 0.1 percent in Q2
This week, the U.S. Federal Reserve, the Bank of Japan and the Bank of England are holding monetary policy meetings
The Bank of England's interest reached a 16-year high of 5.25 percent in August 2023
Core U.S. retail sales rose 0.9 percent in June after a 0.4 percent unrevised gain in May
The Fund expected consumption boost from wage increases
Real GDP grew by 1.1 percent in 2023, supported by net exports, while consumption remained weak
This agreement, Pakistan's 24th IMF bailout, now awaits approval from the IMF's executive board
IMF urges the U.S. government to reduce its high fiscal deficit and put debt on a downward trajectory
The BLS data also showed that consumer prices fell by 0.1 percent on a monthly basis
