Macroeconomic outlook report: USA

Second quarter of 2022

During the second quarter of 2022, US GDP slowed down the recovery started in 1Q21, registering a rate of 1.70%. On the external demand side, export growth was positive while imports declined. Regarding the labour market, the unemployment rate slowed down with respect to the same quarter of the previous year, to register a rate of 3.60%. The year-on-year rate of change in employment stood at 4.45%, after a slight decline from the previous quarter. Moreover, inflation for the period increased compared to 1Q22 to 8.36%. Finally, the dollar appreciated against the euro, recording an average exchange rate of 1.07 $/€ during the second quarter of the year.

Macroeconomic outlook report: USA 2Q22

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Macroeconomic overview

  • The US economy experienced a decline in the year-on-year change in GDP, which stood at 1.70 %, down 1.90 p.p. from the previous quarter. The stagnation of the economic recovery was due to persistent supply chain disruptions, as well as other global issues such as the conflict in Ukraine or the ongoing COVID quarantines in China.
  • Regarding the labour market, the unemployment rate improved by 0.20 p.p. from the previous quarter to 3.60 %. On the other hand, the year-on-year employment growth rate decelerated by 0.43 p.p. compared to 1Q22, registering a variation of 4.45 %.
  • Regarding the exchange rate, the dollar increased against the euro compared to 1Q22, with an average exchange rate of 1.07 $/€ in 1Q22.
  • Inflation registered a rate of 8.36% in the second quarter of 2022, after an acceleration of 0.21 p.p. compared to the previous quarter.

For more information, access the Macroeconomic Outlook Report of the United States 2Q22.