Breaking Crypto News – Navigating Crypto Volatility: Insights from US GDP Data
Breaking Crypto News – Investors are paying close attention to important news this week that may shed light on the state and prospects of the US economy. The most awaited is the Personal Consumption Expenditures (PCE) report, which is the primary inflation indicator of the Federal Reserve. Additionally, data on inflation predictions and consumer sentiment assessments could cause market tremors.
On Tuesday, statistics on consumer confidence will be made public, providing a window into the state of the economy and public opinion. But the first major data, the Q1 2024 GDP Growth Annualized (final estimate), is released on Thursday. The final estimate is anticipated to support the second estimate’s findings, which indicated a slowdown in economic growth to 1.3% annualized from 3.4% in the fourth quarter.
Other Important Data to be Announced This Week
June 28—Friday—will be a hectic day. When the Core PCE is announced in May, investors and decision-makers will be watching. After May’s CPI data came in lower than anticipated, this report will be keenly examined for signs of persistent deflation.
On Friday, the personal income and spending data for May are also made public. This data, which represents consumer spending and total personal income in America, is important for understanding the state of the economy as a whole and may have an impact on central bank policies.
Lastly, Friday marks the release of the June Michigan Consumer Sentiment Index and Consumer Inflation Expectations. These reports provide long-term inflation expectations and consumer confidence levels, which influence consumer spending and are taken into account by the Fed when calculating inflation expectations.
FAQ
Is the US Economy Slowing Down in 2024?
In 2024, the economy had a significant downturn. According to the Bureau of Labor Statistics, the US economy added more than 303,000 jobs in the previous month. The United States economy started 2024 with a sharp slowdown, although it still grew at a steady rate.
When Will This Week’s US GDP Data Be Released?
The data will be released on Jun 27, 2024.
What is the Personal Consumption Expenditures (PCE) Report?
Consumer spending is measured by personal consumption expenditures. The Bureau of Economic Analysis creates and publishes PCE, which is included in the Personal Income and Outlays report along with personal income and the PCE Price Index. The amount spent on both durable and non-durable products and services is included in PCE.
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