U.S. Economy Grows at 2.8% Annualized Rate in Q2, Surpassing Forecasts

Jul 25, 2024, 12:36 PM

The U.S. economy grew at a robust 2.8 percent annualized rate in the second quarter (Q2) of 2024, surpassing forecasts of 2.0 percent and marking a significant improvement from the previous quarter's 1.4 percent growth (QOQ). This acceleration in economic growth illustrates that demand is holding up despite higher borrowing costs. Contributing factors include lower inflation and a strong labor market, which have fueled consumer spending. This marks the continuation of two years of solid economic expansion, even as some signs of softening begin to appear.