In the first quarter of 2023, the United States have experienced little economic growth, relative to the previous quarter. While private consumption, public spending and exports have increased by about 1%, investments have stagnated. Overall, GDP is 1.62% above its level in the first quarter of 2022. During the last year, the strong economic rebound after the pandemic, rising energy prices, and uncertainty related to the Russian invasion of Ukraine have raised the inflation rate, now still at 5.8% relative to the previous year. Unemployment is stable at 3.5%. The OECD economic outlook expects annual inflation to gradually decline throughout 2023, reaching 3.2% towards the end of the year, and to decrease to 2.5% until the end of 2024. Despite the current tightening of the monetary policy by the Federal Reserve to slow down inflation, GDP is expected to grow at an average annual rate of 3.2% until the end of 2024. Unemployment is expected to steadily increase to 4.5% until the end 2024.

July 2023