The U.S. economy outperformed expectations in the second quarter, with gross domestic product (GDP) increasing at an annualized rate of 2.8%, according to government data released on Thursday. This surge was propelled by strong consumer spending and inventory building, even amid high interest rates.
The Commerce Department’s Bureau of Economic Analysis reported that this growth surpassed economists’ predictions, which had forecast a 2% increase. Estimates had varied widely, ranging from 1.1% to 3.4%, but the actual figure demonstrated the economy’s robust performance.
The economy had grown at a 1.4% rate in the first quarter. The increased pace in the second quarter reflects the impact of consumer spending and inventory accumulation on overall growth.
Reference(s):
cgtn.com