The U.S. economy grew 3% in the second quarter — faster than initially thought
The U.S. economy grew faster in the second quarter of 2024 than first reported, suggesting there was little sign of a slowdown through the first six months of the year.
The U.S. economy grew faster in the second quarter of 2024 than first reported, suggesting there was little sign of a slowdown through the first six months of the year.
The latest reading of the gross domestic product (GDP) published by the Commerce Department came in at 3%, up from an initial estimate of 2.8%. The change was driven by personal spending, which advanced 2.9% compared with the prior estimate of 2.3%.
GDP is the largest single measure of economic activity, capturing consumption, investment, government spending and trade.
The U.S. economy continues to demonstrate resiliency despite various headwinds. Inflation remains higher than the Federal Reserve's 2% target but remains well below its pandemic-era peak of more than 9% — and earnings for the typical worker have been keeping pace. Meanwhile, layoffs remain subdued even as the unemployment rate is up from historic lows.
As the GDP report was being released Thursday, the Department of Labor published initial unemployment claims data showing a stable rate of filings for jobless benefits.
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