US shows uptick in economy after tech stock plunge

The US economy witnessed growth in the second quarter, expanding by 2.8% on an annual basis, which is a rebound from the disappointing day suffered by tech stocks, with the Nasdaq index dropping 3.6% – its most significant single-day decline since October 7, 2022. The Commerce Department’s estimate suggests a stronger signal of economic health, mitigating fears of a looming recession. Senior economist Kim Blindbæk from Sydbank interprets the GDP report as a positive indicator for the global and Danish economy. The growth rate exceeded analyst expectations, which were projected at 1.9%, according to AFP. Contributing to the economic upturn has been a boost in personal consumption and robust job growth, according to Kristian Skriver, a senior economist at Dansk Erhverv. Business investments have also increased notably, showing few signs of being dampened by the current high interest rates.