when is the next gdp report

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Many economists and the majority of banks on Wall Street anticipate a downshift.

Many economists and the majority of banks on Wall Street anticipate a downshift. | The GDP report emphasizes the recession concern that the economy is ill — Many economists and the majority of banks on Wall Street anticipate a downshift.

This week, President Joe Biden officially launched his bid for reelection in 2024, saying, “I’ve never been more positive about America’s future.”

Wall Street isn’t as enthusiastic as him.

The economy is going to struggle this year, according to an overwhelming majority in the banking industry. In recent weeks, over twelve major banks have predicted either little or no growth or even a recession. As the US central bank raises interest rates to combat inflation.

Additionally, new threats to the economy of Biden’s reelection effort include the possibility of a fight over increasing the debt ceiling that could cause market tremblings. And the possibility of a banking sector collapse that would force lenders to tighten credit standards.

According to Gregory Daco, chief economist at EY-Parthenon, “The U.S. economy is sick, and it’s starting to show.”

These worries were highlight by the federal government’s most recent GDP report on Thursday. According to the Commerce Department, the country’s economy only grew by 1.1 percent during the first month of the year. Significantly less than the two percentage point growth that had predicted and a decrease from the 2.6 percent growth seen in the final quarter of last year.

President Ronald Reagan’s 1984 “Morning in America” reelection theme referenced in Biden’s upbeat remarks. But unlike back then, the economy is now clearly slowing, which could make it difficult for Biden to win reelection.

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300,000 jobs every month in the first quarter

Even so, there were some encouraging aspects of the GDP report, such as the continued strength of spending by consumers. Which accounts for about two-thirds of the growth in the economy. And as Biden pointed out in remarks on the growth figures on Thursday, the economy continues to be remarkably resilient. Adding more than 300,000 jobs every month in the first quarter.

In a prepared statement, the president said, “Today, we found out that the American economy stays strong. As it shifts into steady and stable growth.” Even though the overall pace of growth slowed down this quarter. Real disposable income for individuals rose and American consumers kept on spending.

The housing industry’s decline, which was exacerbated by higher mortgage rates, was the main factor in the most recent economic reading. Although consumer spending has held up well. It is likely to face more stress as savings from the Covid era deplete. And inflation keeps putting pressure on consumers’ finances. Additionally, the report showed rising inflation rather than the expected decline. Which indicates that when bank legislators meet next week, another rate hike is likely.

The data released this morning, according to Chris Zaccarelli, chief investment officer for Regardless Advisor Alliance, “were the worst of both worlds, with growth down and inflation up.”

Even Biden admitted in his reelection notification that while he anticipates greater prosperity in the future, he is conscious of the risks, such as continuously high prices.

But we still have a lot of work to do, he told the union workers. He said, “I know people have difficulty with inflation, but it’s a global problem.”