The US economy grew at a stronger 3% annual rate in the second quarter of 2024, up from the initial estimate of 2.8%, driven mainly by robust consumer spending and business investment.
This growth marks a significant acceleration from the 1.4% rate in the first quarter, according to the Bureau of Economic Analysis. Consumer spending, which accounts for about 70% of economic activity, was revised to a 2.9% growth rate.
Learn more about the 2024 Vault Conference and secure your ticket today!
Lower inflation rates also contributed to the upward revision, with price increases measured by Personal Consumption Expenditures advancing at a 2.5% annual rate. The Federal Reserve is considering cutting interest rates in September after maintaining high rates to control inflation, signaling a potential ‘soft landing’ for the economy.
These economic improvements come amid a crucial period leading up to the November presidential election, where economic performance remains a key issue for voters.
Connor Walcott is a staff writer for Valuetainment.com. Follow Connor on X and look for him on VT’s “The Unusual Suspects.”
Got a hot scoop or an idea for a story? Connect with the VT writers on Minnect!
Add comment