The US economy showed robust growth in the second quarter of 2024, with a 2.8% increase in GDP, surpassing the anticipated 2% growth and doubling the 1.4% growth rate from January to March. This remarkable performance is largely driven by a rise in consumer spending and inventory building.

Key Highlights:

GDP Growth: The economy grew by 2.8%, beating the expected 2% growth.
Consumer Spending: Personal consumption expenditures, which constitute about 70% of GDP, increased by 2.3%, up 0.8 points from the previous quarter.
Business Investments: Spending on business structures, equipment, and intellectual property products rose by 0.8 points to 5.2%.
Housing Investment: Investment in residential construction and equipment fell by 1.4%, a stark contrast to the 16% increase in the previous quarter.

#useconomy #usnews #usa

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