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GDP Growth in 2Q Surprises: Feds Raise Interest Rates as Small Businesses Aim to Grow

Updated: Jul 28, 2023

(Moscow, Idaho) – Economic growth in the 2nd quarter surprised economists and renewed concerns that the Fed may continue raising rates. The new numbers come on the heels of the Fed raising rates yet again.

According to newly released numbers from the US Bureau of Economic Analysis, real GDP rose 2.4% year-over-year, up from 2.0% during the first quarter of 2023, and well above expectations.

Wednesday, the Federal Reserve hiked interest rates by ¼ point, reaching their highest point in over 22 years.

“Many people are bracing for a Fed induced recession,” said RedBalloon CEO, Andrew Crapuchettes. “At RedBalloon, we’re seeing a robust hiring exchange taking place among small businesses in the Freedom Economy. As rates continue to impact the economy, that could change.”

RedBalloon and PublicSq. have teamed up to produce the first ever Freedom Economy Index, which measures business and economic sentiment among over 50,000 freedom economy companies.

“Our survey findings will be released next week, but here’s a preview: small businesses are not enamored with the actions of the Fed,” continued Crapuchettes. “And, while it’s clear the Fed wants a recession, the indicators from hiring in the labor market are not yet showing signs of a slowdown.”

Read the full GDP report here.

Stay tuned for our upcoming survey findings and further insights on the Freedom Economy Index, and make sure to visit RedBalloon and PublicSq. to stay informed and connected with the latest developments in the Freedom Economy.

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