Initial report shows U.S. economy grew at better-than-expected annual rate of 2.8% in Q2 of 2024

미 2분기 성장률 2.8% 시장 전망치 웃돌아

Between April and June, the U.S. economy grew at an annual rate of 2-point-8-percent after adjusting for seasonal variations and inflation.
This surpassed the 2.1% growth forecasted by economists.
Lee Eun-hee has the details.

The U.S. economy did better than expected in the second quarter.
This was due to strong consumer spending, increased government spending and a big increase in inventory.
A U.S. Commerce Department report on Thursday showed an initial estimate of 2-point-8-percent growth at an annual rate from April to June.
This is higher than the 2.1% growth rate that economists surveyed by Dow Jones had expected, and follows a 1.4% increase in the first quarter of this year.
Experts say that the data shows the U.S. economy is growing while inflation is easing.

According to the report, one of the key factors that contributed to the increase in GDP is consumer spending.
In the second quarter, consumer spending increased by an annualized rate of 2-point-3 percent, driven by more spending on goods and services.

Government spending also contributed to the economic growth, with federal spending up 3-point-9-percent.
Meanwhile, private inventory investment grew mainly from wholesale and retail trade.
In non-residential fixed investment, spending on equipment and intellectual property went up, but this was partly balanced out by a drop in spending on buildings.
On the downside, imports, which pull down GDP, jumped 6-point-9 percent, the biggest increase since the first quarter of 2022.
At the same time exports only rose by 2 percent.

The faster-than-expected growth in the second quarter has led experts to have a more positive outlook for the U.S. economy in the second half of the year.

Lee Eun-hee, Arirang News.

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2024-07-26, 09:00 (KST)