US GDP grew by 1,3% in the second quarter of the year. A result that disappoints the expectations of analysts who expected a 1,8%. The data released today by the Department of Commerce bear witness to a slowdown in the American economy which, if compared with the performance offered just a few months ago, appears rather abrupt. In fact, the system went from the 3,1% recorded in the last quarter of 2010 to 0,4% in the following three months, finally settling on the present 1,3%. A result never recorded, even after the start of the crisis. The ballast is consumption, recorded at a level of 0,8%, lower than expected.
In short, the data suggest that, in order to revitalize the country, the much-sought-after reduction in spending at the center of the political debate these days will not be enough, but rather it will be necessary to make a serious effort to cure the ills of the labor market. Moreover, employment remains the only driving force available for the relaunch of consumption, which alone makes up about two-thirds of the world's largest economy.
Another relevant value disclosed today is that of the deflator – ie the price index of all new goods and services produced in the economy – which increased by 1,3% against the 1,7% expected. Also in this case the figure was found to be lower than the estimates. The labor cost index increased by 0,7%, against expectations which assumed growth of 0,5%.
