Financial News: U.S. GDP Growth Accelerates More Than Previously Estimated

U.S. GDP Growth Accelerates More Than Previously Estimated In Q2

08/29/2024 - 10:10:00 (RTTNews)

(RTTNews) - The Commerce Department released a report on Thursday showing the U.S. economy unexpectedly grew by more than previously estimated in the second quarter.

The report said the surge by gross domestic product in the second quarter was upwardly revised to 3.0 percent from the previously reported 2.8 percent. Economists had expected the pace of GDP growth to be unrevised.

With the upward revision, the pace of GDP growth in the second quarter showed an even faster acceleration compared to the 1.4 percent jump in the first quarter.

The Commerce Department said the stronger than previously estimated GDP growth primarily reflected an upward revision to consumer spending.

Meanwhile, the report said the increase by the personal consumption expenditures price index in the second quarter was downwardly revised to 2.5 percent from 2.6 percent.

The pace of growth by the core PCE price index, which excludes food and energy prices, was also downwardly revised to 2.8 percent from 2.9 percent.

The acceleration in pace of GDP growth in the second quarter compared to the first quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending, which were partly offset by a downturn in residential fixed investment.

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