Oddbean

U.S. economic growth revised up to solid 3 percent annual rate for second quarter of 2024 ========== U.S. economy grew at a 3 percent annual rate in Q2 2024; previous estimate was 2.8 percent; growth accelerated from 1.4 percent in Q1 2024; consumer spending rose 2.9 percent, up from 2.3 percent; business investment expanded at 7.5 percent, with equipment investment up 10.8 percent; inflation eased to 2.5 percent in Q2 from 3.4 percent in Q1; core PCE inflation at 2.7 percent, down from 3.2 percent; Fed raised interest rates 11 times in 2022-2023 to combat inflation; unemployment rate at 4.3 percent; Fed may cut rates in mid-September if inflation continues to cool. #UsEconomy #Gdp #Inflation #ConsumerSpending #BusinessInvestment #FederalReserve #InterestRates #EconomicGrowth #2024 #Employment https://www.pbs.org/newshour/economy/u-s-economic-growth-revised-up-to-solid-3-percent-annual-rate-for-second-quarter-of-2024