US economy grows at 3.0% annualised pace in Q2 – data

The US economy grew at an annual rate of 3.0 percent in the second quarter of 2024 buoyed by strong consumer spending and business investment, revised government data showed on Thursday.

According to the third and final estimate released by the US Bureau of Economic Analysis (BEA), the US gross domestic product — the nation’s total output of goods and services — growth rose sharply in the second quarter from the tepid 1.6 per cent annual rate in the first three months of the year.

The Bureau of Economic Analysis’s third estimate of second quarter US gross domestic product (GDP) was unchanged from the second estimate.

The US economy, the world’s biggest, demonstrated remarkable resilience despite the Federal Reserve’s aggressive 11 interest rate hikes in 2022 and 2023 to combat inflation. Annual inflation has now eased to 2.5 per cent, approaching the Fed’s target.

Attribution: US Bureau of Economic Analysis (BEA)