DNVN - On December 19, a report from the US Department of Commerce said that the world's largest economy in the third quarter of 2024 achieved GDP growth of 3.1%, surpassing the previous forecast of 2.8%.
The main reasons for this positive adjustment were increases in consumer spending, exports, imports, and decreases in private inventory investment.
According to a VNA correspondent in Washington, consumer spending - which accounts for more than 66% of total US economic activity - increased by 3.7% in the third quarter of 2024, higher than the previous estimate of 3.5%. Meanwhile, domestic demand, excluding government spending, trade and inventories, increased by 3.4%, slightly higher than the forecast of 3.2%.
As for gross domestic product (GDI), the figure for the same period was 2.1%, lower than the initial forecast of 2.2%. In theory, GDP and GDI should be equal, but in practice, the difference occurs because the data is collected from different sources. The average of GDP and GDI, which is considered a better indicator of economic activity, was revised up to 2.6%, compared to 2.5% in the previous report.
The stability and resilience of the US economy has prompted the Federal Reserve to consider adjusting the pace of interest rate cuts next year. Despite having just made a third interest rate cut on December 18, the Fed is expected to reduce borrowing costs only twice more in 2025, instead of the four times planned in September. The reason given is that the economy is recovering steadily while inflation remains high.
On the same day, the US Department of Labor announced that the number of new unemployment claims last week fell more than expected, almost completely offsetting the increase from the previous two weeks.
Specifically, the number of initial unemployment claims as of December 14 decreased by 22,000 to 220,000, after increasing by 27,000 in the previous two weeks. The labor market continues to show stability.
Continuing claims for unemployment benefits, a measure of hiring, also fell to 1.874 million in the week to Dec. 7.
In the real estate sector, the National Association of Realtors reported that sales of previously owned homes rose 4.8% in November 2024 to a seasonally adjusted annual rate of 4.15 million units, the highest level since March 2024. This was the second consecutive month of growth after the market hit a 14-year low in September. Compared to the same period last year, sales of previously owned homes in November increased 6.1%, marking the strongest increase since June 2021.
Homebuying trends are picking up as more people enter the market, helped by the economy continuing to create jobs, said Lawrence Yun, the association's chief economist.
Inventory fell 2.9% in November to 1.33 million units, while supply increased 17.7% year-over-year. The median home price also rose 4.7% to $406,100 in November.
However, despite the improvement in pre-owned home sales, the outlook for the US housing market next year remains bleak, as mortgage rates are expected to remain high.
Ganoderma (t/h)
Source: https://doanhnghiepvn.vn/quoc-te/kinh-te-my-tang-truong-vuot-ky-vong-voi-nhieu-tin-hieu-khoi-sac/20241220101409407
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