US Economy Grew 3% in Second Quarter, Exceeding Expectations

Revised data shows stronger growth in 2023, driven by robust consumer spending and business investment.

The U.S. economy expanded by 3% annually in Q2 2024, maintaining the previous estimate.
First-quarter GDP growth for 2024 was revised upward to 1.6%, reflecting stronger early-year performance.
Consumer spending and business investment were key drivers, with consumer spending growing at a 2.8% pace.
Corporate profits saw a significant upward revision of $288.5 billion, or 8.9%, in 2023.
The Federal Reserve cut its benchmark interest rate by 50 basis points last week, the first reduction since 2020.