A report from
the Commerce Department showed on Thursday that the U.S. economy expanded more than initially estimated in the second quarter of 2024, primarily
reflecting an upward revision to consumer spending.
According to
the second estimate, the U.S. gross domestic product (GDP) grew at an annual
rate of 3.0 per cent in the second quarter, compared to a 2.8 per cent q-o-q increase reported in the
advance estimate.
Economists had expected
the growth rate to stay unrevised at 2.8
per cent.
In the previous
quarter, the economy expanded by 1.4 per cent q-o-q.
The second-quarter
advance in real GDP was mainly due to gains in consumer spending, private
inventory investment, and non-residential fixed investment. These increases,
however, were partly offset by a decline in private inventory investment. Meanwhile,
imports, which are a subtraction in the calculation of GDP, went up.