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BofA Global Research raises 2023 US GDP growth forecast on 'soft landing' expectation

2023-08-02 20:58
BofA Global Research on Wednesday raised its 2023 economic growth outlook for the United States, saying incoming data
BofA Global Research raises 2023 US GDP growth forecast on 'soft landing' expectation

BofA Global Research on Wednesday raised its 2023 economic growth outlook for the United States, saying incoming data signaled a "soft landing".

BofA now expects real gross domestic product growing 2.0% on average this year, up from a previous forecast of 1.5%.

Data last week showed the U.S. economy grew faster than expected in the second quarter as a resilient labor market supported consumer spending, while businesses boosted investment in equipment and built more factories.

(Reporting by Priyadarshini Basu; Editing by Shounak Dasgupta)