The U.S. economy exceeded expectations in the second quarter, showing a 2.8% growth rate driven by strong consumer spending and inventory building despite high interest rates. This data, released by the Commerce Department’s Bureau of Economic Analysis, came as a surprise as economists had predicted a more moderate 2% growth rate. The second-quarter growth rate marks a significant improvement from the 1.4% growth recorded in the first quarter, reflecting a more robust economic performance.
This positive economic data indicates a healthy outlook for the U.S. economy, showcasing resilience and potential for further expansion. The strong consumer spending and inventory building are key contributors to this growth, highlighting the underlying strength and momentum of the economy. With the economy showing signs of improvement, it suggests a positive trajectory for future growth and development.
(With input from agencies)
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