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News July 30, 2024

U.S. economy grew 2.8% during the second quarter of 2024

Economic growth increased at a faster pace than expected during the second quarter of 2024, rising 2.8% after climbing a revised 1.4% during the first quarter of 2024, according to CNBC. Economists had been expecting growth of 2.1%.

Strong consumer spending, government spending and a sizeable inventory build reportedly helped to boost the GDP in the second quarter. Consumer spending increased 2.3%, and government spending rose 3.9% at the federal level.

The personal consumption expenditures price index—a key inflation variable for the Federal Reserve—rose at a 2.6% annualized pace for the second quarter, which is down from 3.4% in the first quarter.

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