USA: GDP growth much stronger than expected

(CercleFinance.com) - U.
S. gross domestic product (GDP) grew at an annualized rate of 2.8% in the second quarter of 2024, according to a first estimate from the Commerce Department, well ahead of expectations such as those of Jefferies (+1.6%).

This growth, which accelerated sharply from the 1.4% recorded in the previous quarter, was mainly attributable to increases in consumer spending, inventory investment and business investment.

The PCE price inflation index came in at +2.6%, compared with +3.4% in the first quarter. Excluding food and energy prices, the index fell from +3.7% to +2.9% quarter-on-quarter.

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