U.S. economic growth unexpectedly accelerated in the second quarter of 2023, the Commerce Department revealed in a preliminary report released on Thursday.
The report said real gross domestic product surged by 2.4 percent in the second quarter after jumping by 2.0 percent in the first quarter. Economists had expected the pace of GDP growth to slow to 1.8 percent.
"Quirky seasonal adjustment factors may lead to outsized revisions down the road, but these data suggest the economy was solid in Q2," said Oren Klachkin, Lead U.S. Economist at Oxford Economics.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.