While many economists anticipated a synchronized global slowdown, the latest data paints a picture of stark divergence as the US economy chugs along at a 2.8% annual rate, Japan unexpectedly contracts, and powerhouse China cools to 4.7% growth.
Key Takeaways
- US real GDP increased at an annual rate of 2.8% in the second quarter of 2024, according to the advance estimate
- China's GDP growth rate was 4.7% year-over-year in the second quarter of 2024
- Eurozone GDP expanded by 0.3% quarter-over-quarter in Q2 2024
- US CPI inflation rate was 2.9% year-over-year in July 2024
- Eurozone HICP inflation stood at 2.6% year-over-year in July 2024
- China's CPI rose 0.3% year-over-year in July 2024
- US unemployment rate was 4.3% in July 2024
- Eurozone unemployment rate stood at 6.3% in July 2024
- Japan's unemployment rate was 2.7% in July 2024
- US imports of goods and services were $4.16 trillion annualized in Q2 2024
- US exports of goods and services $3.21 trillion annualized Q2 2024
- China trade surplus $99.4 billion in July 2024
- US consumer spending increased 2.3% annualized Q2 2024
- US personal income rose 0.4% in June 2024
- US retail sales up 1.0% in July 2024
Global economic growth is uneven, with mixed inflation and varied manufacturing activity.
Business Indicators
1US ISM manufacturing PMI 46.8 August 2024
Directional
2Eurozone manufacturing PMI 45.8 August 2024
Verified
3China Caixin manufacturing PMI 49.8 August 2024
Verified
4UK manufacturing PMI 46.1 August 2024
Verified
5Japan manufacturing PMI 48.0 August 2024
Verified
6US ISM services PMI 51.4 August 2024
Verified
7Germany Ifo business climate 87.0 August 2024
Verified
8France manufacturing PMI 46.0 August 2024
Verified
9Italy manufacturing PMI 48.0 August 2024
Directional
10Brazil industrial production up 2.0% yoy June 2024
Verified
11Australia business confidence 50.4 Q2 2024 NAB
Verified
12South Korea business survey index 94.6 July 2024
Single source
13Canada Ivey PMI 51.0 July 2024
Verified
14US capacity utilization 77.6% July 2024
Verified
15China PMI manufacturing 49.4 July 2024 NBS
Verified
16US NFIB small business optimism 97.9 July 2024
Verified
17Eurozone services PMI 51.9 August 2024
Single source
18Japan tankan large manufacturing index 13 Q2 2024
Directional
19Mexico manufacturing PMI 51.4 August 2024
Single source
20India manufacturing PMI 57.5 August 2024
Verified
21Spain business confidence 106.4 July 2024
Verified
22US industrial production up 0.2% mom July 2024
Directional
23Global PMI composite 51.0 August 2024 JPMorgan
Verified
24Russia business confidence 51.5 July 2024
Verified
25Turkey capacity utilization 75.6% July 2024
Verified
Business Indicators Interpretation
While the global factory floor is decidedly chilly, with nearly every major manufacturing PMI stuck in contraction, the world's economic engine is still sputtering along thanks to services acting as a surprisingly cheerful, if somewhat tipsy, bartender keeping the lights on.
Consumer Indicators
1US consumer spending increased 2.3% annualized Q2 2024
Directional
2US personal income rose 0.4% in June 2024
Verified
3US retail sales up 1.0% in July 2024
Verified
4Eurozone retail sales volume down 0.1% mom June 2024
Single source
5China retail sales grew 2.7% yoy July 2024
Verified
6UK retail sales volumes up 1.4% mom July 2024
Verified
7Japan retail sales up 2.7% yoy July 2024
Verified
8Canada retail sales up 0.5% in June 2024
Directional
9India passenger vehicle sales 4.12 million FY2024
Verified
10Australia retail turnover up 0.5% mom June 2024
Verified
11US consumer confidence index 100.4 in August 2024
Single source
12South Korea private consumption up 1.9% yoy Q2 2024
Verified
13Brazil retail sales up 4.0% yoy June 2024
Verified
14France household consumption down 0.7% mom June 2024
Single source
15Germany retail sales down 1.9% yoy June 2024
Single source
16Italy consumer confidence 97.9 in July 2024
Verified
17Spain retail sales up 3.3% yoy June 2024
Verified
18US personal saving rate 3.4% in June 2024
Verified
19Global consumer spending growth 3.2% 2024 OECD
Verified
20Turkey retail sales up 4.2% yoy June 2024
Directional
21Indonesia retail sales up 2.1% yoy July 2024
Single source
22PCE services spending up 3.9% yoy June 2024 US
Verified
23US durable goods orders up 9.3% mom July 2024
Verified
24EU consumer confidence -13.7 in July 2024
Verified
25Japan household spending up 0.7% yoy July 2024
Verified
Consumer Indicators Interpretation
The American consumer, armed with modest savings and impressive confidence, is buying bigger boats while much of Europe frets over bread prices, revealing a world where spending remains robust but is far from evenly shared.
GDP
1US real GDP increased at an annual rate of 2.8% in the second quarter of 2024, according to the advance estimate
Verified
2China's GDP growth rate was 4.7% year-over-year in the second quarter of 2024
Verified
3Eurozone GDP expanded by 0.3% quarter-over-quarter in Q2 2024
Verified
4Japan's GDP contracted by 0.5% quarter-over-quarter in Q2 2024, revised figure
Verified
5India's GDP grew by 6.7% year-over-year in Q1 FY2024-25
Verified
6UK GDP rose by 0.6% quarter-over-quarter in Q2 2024
Directional
7Canada's GDP increased by 0.2% month-over-month in June 2024
Verified
8Brazil's GDP grew by 2.9% year-over-year in Q2 2024
Verified
9Australia's GDP expanded by 0.2% quarter-over-quarter in Q2 2024
Verified
10South Korea's GDP grew by 2.3% year-over-year in Q2 2024
Verified
11Mexico's GDP increased by 2.2% year-over-year in Q2 2024
Verified
12Russia's GDP grew by 4.3% year-over-year in Q2 2024
Verified
13France's GDP rose by 0.2% quarter-over-quarter in Q2 2024
Verified
14Germany's GDP contracted by 0.1% quarter-over-quarter in Q2 2024
Verified
15Italy's GDP grew by 0.3% quarter-over-quarter in Q2 2024
Directional
16Spain's GDP expanded by 0.8% quarter-over-quarter in Q2 2024
Verified
17Turkey's GDP grew by 3.0% quarter-over-quarter in Q2 2024
Verified
18Indonesia's GDP increased by 5.1% year-over-year in Q2 2024
Verified
19Saudi Arabia's GDP grew by 1.4% year-over-year in Q2 2024
Single source
20US GDP per capita was $85,373 in 2023
Directional
21Global GDP growth forecast for 2024 is 3.2% by IMF
Verified
22EU GDP growth projected at 0.8% for 2024
Directional
23World GDP reached $105.4 trillion in 2023 PPP terms
Directional
24Singapore's GDP grew by 3.5% year-over-year in Q2 2024
Verified
25Argentina's GDP contracted by 1.7% year-over-year in Q2 2024
Verified
26Nigeria's GDP grew by 2.9% year-over-year in Q2 2024
Single source
27US PCE GDP implicit price deflator rose 2.0% in Q2 2024
Verified
28China's GDP deflator was 0.3% in Q2 2024
Verified
29UK GDP chain volume measure increased 0.7% in Q2 2024 from Q1
Verified
30Euro area GDP up 0.3% in Q2 2024 sa
Verified
GDP Interpretation
While the world economy is collectively trying to keep its head above water, a careful observer might note it's less a synchronized swim and more a chaotic, nation-specific doggy paddle, with Germany taking on a bit of water, India doing butterfly laps, and Japan momentarily forgetting how to float.
Inflation
1US CPI inflation rate was 2.9% year-over-year in July 2024
Single source
2Eurozone HICP inflation stood at 2.6% year-over-year in July 2024
Verified
3China's CPI rose 0.3% year-over-year in July 2024
Verified
4UK's CPI inflation was 2.2% year-over-year in July 2024
Verified
5Japan's CPI inflation rate was 2.8% year-over-year in July 2024
Verified
6India's retail inflation eased to 3.5% year-over-year in July 2024
Directional
7Canada's CPI inflation was 2.0% year-over-year in July 2024
Verified
8Brazil's IPCA inflation rate was 4.50% year-over-year in July 2024
Verified
9Australia's CPI rose 3.6% year-over-year in Q2 2024
Verified
10South Korea's CPI inflation was 2.4% year-over-year in July 2024
Directional
11Mexico's INPC inflation was 5.57% year-over-year in July 2024
Single source
12Russia's CPI inflation reached 9.2% year-over-year in July 2024
Directional
13France's CPI inflation was 2.3% year-over-year in July 2024
Single source
14Germany's HICP inflation was 2.6% year-over-year in July 2024
Verified
15Italy's CPI inflation stood at 1.3% year-over-year in July 2024
Verified
16Spain's CPI inflation was 2.8% year-over-year in July 2024
Verified
17Turkey's annual CPI inflation was 61.8% in July 2024
Verified
18Indonesia's CPI inflation was 2.13% year-over-year in July 2024
Single source
19US core CPI increased 3.2% year-over-year in July 2024
Verified
20Global inflation forecast for 2024 is 5.9% by IMF
Directional
21PCE price index rose 2.5% year-over-year in June 2024 US
Verified
22Producer Price Index for final demand up 2.2% yoy July 2024 US
Verified
23Saudi Arabia CPI inflation was 1.6% yoy in June 2024
Verified
24Argentina CPI inflation 4.0% month-over-month July 2024
Verified
25Nigeria headline inflation 33.40% yoy June 2024
Directional
26Singapore core inflation 2.5% yoy July 2024
Verified
Inflation Interpretation
This smorgasbord of inflation figures shows that while much of the world is stuck politely bickering over the thermostat, a few economies are sweating through an inferno, and China is apparently wondering if the heater is even on.
Labor Market
1US unemployment rate was 4.3% in July 2024
Verified
2Eurozone unemployment rate stood at 6.3% in July 2024
Verified
3Japan's unemployment rate was 2.7% in July 2024
Verified
4UK's unemployment rate rose to 4.3% in three months to June 2024
Verified
5Canada's unemployment rate increased to 6.4% in July 2024
Verified
6Australia's unemployment rate was 4.2% in July 2024
Verified
7South Korea's unemployment rate was 2.7% in July 2024
Single source
8Mexico's unemployment rate was 2.6% in July 2024
Verified
9Brazil's unemployment rate fell to 6.6% in Q2 2024
Verified
10India's urban unemployment rate was 9.2% in Q1 2024-25
Verified
11China's urban unemployment rate was 5.0% in July 2024
Directional
12France's unemployment rate was 7.4% in Q2 2024
Verified
13Germany's unemployment rate was 6.4% in July 2024
Directional
14Italy's unemployment rate was 6.9% in June 2024
Single source
15Spain's unemployment rate was 11.3% in Q2 2024
Verified
16US nonfarm payrolls added 114,000 jobs in July 2024
Verified
17Euro area employment up 0.2% qoq in Q1 2024
Verified
18Japan job-to-applicant ratio 1.23 in July 2024
Verified
19UK employment rate 74.5% for 16-64 in June 2024
Verified
20Canada employment +27,000 in July 2024
Verified
21US labor force participation rate 62.7% in July 2024
Verified
22Global unemployment rate 5.0% in 2024 forecast ILO
Directional
23Turkey unemployment rate 8.4% in June 2024
Directional
24Indonesia unemployment rate 4.91% in August 2024 survey
Verified
25US average hourly earnings up 3.6% yoy July 2024
Directional
26EU employment rate 75.4% in 2023
Verified
27US JOLTS job openings 7.66 million in June 2024
Verified
28China surveyed unemployment youth 16.0% July 2024
Verified
Labor Market Interpretation
The global job market is putting on a performance worthy of mixed reviews, with economies from Japan to Spain proving that while unemployment may be a universal concept, the drama it inspires is decidedly local.
Trade
1US imports of goods and services were $4.16 trillion annualized in Q2 2024
Verified
2US exports of goods and services $3.21 trillion annualized Q2 2024
Single source
3China trade surplus $99.4 billion in July 2024
Verified
4EU exports to non-EU countries €238.4 billion in June 2024
Verified
5Germany trade surplus €3.0 billion in June 2024
Verified
6UK goods trade deficit £15.4 billion in June 2024
Verified
7Japan trade deficit ¥221.5 billion in July 2024
Single source
8Canada merchandise trade deficit C$1.2 billion July 2024
Directional
9Mexico trade surplus $9.37 billion in July 2024
Directional
10India trade deficit $21.8 billion in July 2024
Single source
11South Korea exports $57.5 billion in July 2024
Verified
12Brazil trade surplus $30.1 billion Jan-Jul 2024
Verified
13Australia trade surplus A$7.0 billion June 2024
Directional
14US trade deficit with China $28.6 billion in June 2024
Single source
15World trade volume growth 3.4% in 2024 forecast WTO
Directional
16Russia trade surplus $13.9 billion May 2024
Single source
17France trade deficit €6.5 billion June 2024
Verified
18Italy trade surplus €5.5 billion June 2024
Verified
19Spain trade deficit €3.3 billion June 2024
Directional
20Turkey exports $22.3 billion July 2024
Verified
21Indonesia trade surplus $2.51 billion July 2024
Verified
22Saudi Arabia non-oil exports SAR 14.5 billion June 2024
Verified
23Global merchandise trade $25 trillion in 2023 WTO
Directional
24US-China Phase One trade agreement compliance 57% in 2023
Verified
25EU-US goods trade €1.6 trillion in 2023
Directional
26Vietnam trade surplus $18.0 billion Jan-Jul 2024
Single source
27Singapore total trade $123 billion July 2024
Single source
28Nigeria trade balance -$1.2 billion Q2 2024
Directional
Trade Interpretation
The world is playing a high-stakes game of musical chairs, and the music—a relentless $25 trillion symphony of goods—is pausing just long enough for everyone to notice that while the US is running a colossal tab, China is collecting the chips, and Germany is quietly winning its own private game.
How We Rate Confidence
Models
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Single source
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Directional
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
Verified
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Models
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Elena Vasquez. (2026, February 13). Latest Economic Statistics. Gitnux. https://gitnux.org/latest-economic-statistics
MLA
Elena Vasquez. "Latest Economic Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/latest-economic-statistics.
Chicago
Elena Vasquez. 2026. "Latest Economic Statistics." Gitnux. https://gitnux.org/latest-economic-statistics.
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