Financial News: U.S. GDP Growth Accelerates More Than Expected In

U.S. GDP Growth Accelerates More Than Expected In Q2

07/25/2024 - 11:58:00 (RTTNews)

(RTTNews) - Economic growth in the U.S. accelerated by more than expected in the second quarter of 2024, according to a report released by the Commerce Department on Thursday.

The report said real gross domestic product surged by 2.8 percent in the second quarter after jumping by 1.4 percent in the first quarter. Economists had expected GDP to increase by 2.0 percent.

The Commerce Department said the GDP growth primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment.

Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending, the Commerce Department said.

On the inflation front, the report said the personal consumption expenditures price index increased 2.6 percent in the second quarter compared with an increase of 3.4 percent in the first quarter.

Excluding food and energy prices, the PCE price index increased 2.9 percent in the second quarter compared with an increase of 3.7 percent in the first quarter.

"The inflation data is consistent with recent news showing a downward trend, which should provide enough confidence for the Federal Reserve to cut rates in September," said MBA SVP and Chief Economist Mike Fratantoni.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Swiss Consumers More Pessimistic In August (10 hr(s), 0 min(s),34 sec(s) ago)
(RTTNews) - Confidence among Swiss consumers remained more negative in August, survey results from ...Full Story»

U.S. Job Growth Misses Estimates In August But Unemployment Rate Dips (10 hr(s), 33 min(s), 34 sec(s) ago)
(RTTNews) - Employment in the U.S. rose by less than expected in the month of August, according to ...Full Story»

Czech Industrial Output Decline Softens; Trade Deficit Narrows (11 hr(s), 10 min(s), 34 sec(s) ago)
(RTTNews) - The Czech Republic's industrial production decreased for the fifth straight month, ...Full Story»

U.S. Employment Climbs Less Than Expected In August (11 hr(s), 17 min(s), 34 sec(s) ago)
(RTTNews) - Employment in the U.S. rose by less than expected in the month of August, according to ...Full Story»

Eurozone GDP Growth Slows In Q2 (11 hr(s), 43 min(s), 34 sec(s) ago)
(RTTNews) - Euro area economic growth rate for the second quarter was revised down as the positive ...Full Story»

France Industrial Output Falls 0.5% (12 hr(s), 10 min(s), 34 sec(s) ago)
(RTTNews) - France's industrial production decreased more-than-expected in July after reboundi ...Full Story»

Italy Retail Sales Rebound 0.5% (12 hr(s), 57 min(s), 34 sec(s) ago)
(RTTNews) - Italy's retail sales increased more-than expected in July after falling in the pre ...Full Story»

French Trade Gap Narrows In July (13 hr(s), 28 min(s), 34 sec(s) ago)
(RTTNews) - France's trade deficit decreased in July from a year ago as imports fell faster th ...Full Story»