The US Gross Domestic Product top-line figure is a composite of positive and negative forces, and the details matter.
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personal consumptionIt supports most of the economy.
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house constructionMortgages, also known as home fixed investments, fell 14% year-on-year under the weight of rising interest rates, putting them out of reach for more homebuyers.
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stockIt measures the amount of things produced or imported but not yet sold. Firms continued to build inventories in the second quarter, but more slowly than in the first, dragging down overall growth.
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business building, It is known as fixed investment in non-residential structures as construction of factories and warehouses, interest rate sensitive sectors, has slowed.
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federal spending Defense spending rose 2.5% as military aid flowed to Ukraine, but fell 3.2% on an annual basis as stimulus funds continued to disappear and oil was released from the Strategic Oil Reserve.
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Final sale to domestic buyersSome economists preferred the indicator to rule out volatile inventories and government spending, which fell 0.3%.
(All figures are reported on a seasonally adjusted basis.)