In the second quarter of 2023, the economy of the United States has grown by almost 2.5% compared to the previous year. Private consumption, investments, government spending and exports (relative to 2022) have all grown. Inflation is still relatively high at almost 4%, because of production bottlenecks in the aftermath of the pandemic and persistent geopolitical tensions due to the Russian invasion of Ukraine. Nevertheless, it is slowly decreasing, as a consequence of the repeated monetary policy tightening of the Federal Reserve in the previous quarters. The OECD economic outlook expects annual inflation to gradually decline throughout 2023, reaching 3.2% towards the end of the year, and to decrease below 2.5% until the end of 2024. GDP is expected to grow at an average annual rate of 3.5% until the end of 2024. Unemployment is expected to gradually and steadily increase to 4.5% until the end 2024.

October 2023