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Gross Domestic Product (GDP) <br />Components of GDP 9/22 12/22 3/23 6/23 <br />1.5% 0.7% 2.8% 1.1% <br />-1.8% 0.8% -2.2% 0.6% <br />2.9% 0.4% 0.6% -0.2% <br />0.2% 0.4% 0.4% 0.1% <br />0.4% 0.3% 0.5% 0.5% <br />3.3% 2.6% 2.0% 2.1% <br />Personal Consumption Expenditures <br />Gross Private Domestic Investment <br />Net Exports and Imports <br />Federal Government Expenditures <br />Total <br />State and Local (Consumption and <br />Gross Investment) <br />-40.0% <br />-30.0% <br />-20.0% <br />-10.0% <br />0.0% <br />10.0% <br />20.0% <br />30.0% <br />40.0% <br />Gross Domestic Product (GDP) <br />GDP QOQ % Change <br />GDP YOY % Change <br />Source: US Department of Commerce Source: US Department of Commerce <br />According to the second estimate,second quarter GDP growth was revised down to 2.1%from 2.4%(annualized). The revision lower was <br />primarily due to a moderation of business investment which more than offset an increase in consumer spending.Historically low <br />unemployment,wage growth and savings built up during the pandemic has supported consumer spending at a level to keep economic <br />growth intact, but there are signs the consumer is beginning to show signs of stress. The consensus estimate calls for 2.0% growth for the <br />third quarter and 2.0% for the full year 2023. <br />11