The US Economy Outpaces Expectations in the Second Quarter
25.07.2024 16:47 1 min. read Alexander Stefanov
The Bureau of Economic Analysis's advance estimate revealed that the US gross domestic product (GDP) grew at an annualized rate of 2.8% in the second quarter, surpassing the 2% growth predicted by Bloomberg-surveyed economists.
This figure was also higher than the first quarter’s revised GDP growth of 1.4%.
The “core” Personal Consumption Expenditures index, which excludes food and energy, rose by 2.9% in the first quarter, exceeding estimates of 2.7% but down from the previous quarter’s 3.7% increase.
This data release comes as investors assess when the Federal Reserve might start cutting interest rates and whether the central bank can reduce inflation to its 2% target without triggering a significant economic downturn.
As of Thursday, markets had fully priced in a rate cut by the Fed by the end of its September meeting.
Neil Dutta, head of economic research at Renaissance Macro, noted that the data supports the idea that the Fed can afford to wait. “With private domestic demand growing solidly, there is no urgency for the Fed to act quickly. July remains a preparatory meeting for September,” Dutta wrote.
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