United States economic outlook: first half of 2023

The United States economy expanded by 2.0% and 2.1% in the first and second quarters of 2023, respectively, driven mainly by consumer spending in the first half of the year. The second quarter marked the fourth consecutive quarter of growth near or above the economy’s potential. Labour market growth remained solid, with 1.9 million jobs added in the first eight months of 2023, but is moderating. Inflation is also gradually decelerating. Despite interest rate hikes in 2022 and in the first half of 2023, the United States economy —supported by a strong job market and retreating inflation— remains resilient, fuelling optimism for a soft landing.

The United States economic outlook reports are published three times a year and follow the main macroeconomic developments of the United States economy and how they could affect financial conditions in Latin America and the Caribbean.