GDP Growth Revised to 3.0% for Q2 2024
The U.S. economy expanded at an annual rate of 3.0% in the second quarter of 2024, as per the latest estimates from the Bureau of Economic Analysis (BEA). This growth rate is consistent with prior estimates, reflecting a solid recovery from the first quarter’s 1.6% growth. The increase was driven by higher consumer spending, private inventory investments, and nonresidential fixed investments.
Key contributors to the revision include an upward adjustment in private inventory investment and federal government spending, while nonresidential fixed investment and exports were revised downward. Imports, which detract from GDP, were revised upward but did not significantly affect the overall economic growth figure.
Consumer spending was particularly strong, and its acceleration from Q1 was a critical factor…
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