The GDP (gross domestic product) of the United States grew 2.8% in the 2nd quarter of 2024. The result is 1.4 percentage points higher compared to the first quarter, when the index advanced 1.4%.
The BEA (Bureau of Economic Analysis) released an early estimate this Thursday (July 25, 2024). The second estimate for the period with “more complete data” will be published on August 29th.
According to the report, the rise was driven by increases in consumer spending, investment in private inventory, and non-residential fixed investment. Imports also registered an increase.
Also Read: The US economy unexpectedly expanded by 3.3%
Inflation and Interest
Annual US inflation was 3% in June. The rate fell 0.3 percentage points compared to the previous month, when it was 3.3% in the 12 months. Monthly inflation was 0.1%. Data for July will be published on August 14th.
On June 12, the Fed (the Federal Reserve, the US central bank) maintained US interest rates in the range of 5.25% to 5.50%โthe same level since July 2023. The decision was unanimous. The monetary policy committee will meet again on July 30 and 31.
Also Read: The Fed signals possible interest rate cuts before inflation hits 2%
