U.S. economy grew at a 2.8% pace in the second quarter, much more than expected
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The U.S. economy grew at a 2.8% pace in the second quarter, surpassing expectations of 2.1% growth. The growth was driven by consumer spending, private inventory investment, and nonresidential fixed investment. Personal consumption expenditures increased by 2.3% for the quarter. Imports, which subtract from GDP, rose by 6.9%, the largest quarterly increase since Q1 2022. The personal consumption expenditures price index increased by 2.6% for the quarter, down from 3.4% in Q1. The personal savings rate decelerated to 3.5% from 3.8% in Q1. Federal Reserve officials are expected to hold interest rates steady in their next meeting, but market pricing suggests a rate cut in September.

#UsEconomy #GdpGrowth #CommerceDepartment #ConsumerSpending #Inflation #FederalReserve

https://www.cnbc.com/2024/07/25/us-gdp-q2-2024.html