Consumer Demand, Government Spending Fuel 3 Percent GDP Growth in 2nd Quarter: 3rd Estimate

Published on September 26, 2024

The U.S. economy expanded steadily in the second quarter, fueled by strong consumer demand and upward revisions to federal government spending and private inventory investment. Economic conditions remained intact despite restrictive Federal Reserve policy and above-trend inflation. According to the third estimate from the Bureau of Economic Analysis (BEA), the real GDP growth rate was 3 percent in the second quarter. This was up from the 1.6 percent reading in the first quarter, revised from the initial report of 1.4 percent. Economists had projected a growth rate of 2.8 percent for the second quarter. The BEA said 16 of 22 industry groups added to the second-quarter real GDP increase....

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