Good news this morning – U.S. economic growth accelerated this past spring at a 2.8% annual rate outpacing forecasts as inflation continued to cool.
Breaking News: The U.S. economy grew at a 2.8% annual rate in the second quarter, as lower inflation and a strong labor market fueled consumer spending. https://t.co/eYlKxj5d4Y
— The New York Times (@nytimes) July 25, 2024
From the New York Times:
Gross domestic product, adjusted for inflation, increased at a 2.8 percent annual rate in the second quarter, the Commerce Department said on Thursday. That was faster than the 1.4 percent rate recorded in the first quarter, but shy of the unexpectedly strong growth in the second half of last year.
Consumer spending, the backbone of the U.S. economy, rose at a 2.3 percent annual rate in the second quarter — a solid pace, albeit much slower than in 2021, when businesses were reopening after pandemic-induced closings.
Inflation, which picked up unexpectedly at the start of the year, eased in the quarter.
But Donald Trump would have you believe the economy is in terrible shape. #liar Read more at the New York Times.
BREAKING: The U.S. economy grew at a 2.8% annual rate in the 2nd quarter, as lower inflation and a strong labor market fueled consumer spending https://t.co/ddG8EVDSDP
— The Lincoln Project (@ProjectLincoln) July 25, 2024
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