The U.S. economy’s growth increased in 2Q, driven by consumer spending and private inventory investment.

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U.S. economic in 2024’s second quarter was higher than previously estimated, new data from the Bureau of Economic Analysis shows.

The Bureau of Economic Analysis released its second estimate of 2Q24 U.S. GDP on Aug. 29, which revised the previous figure of 2.8% issued July 25 up to 3.0%. The Bureau noted that the update primarily reflected an upward revision to customer spending.

It marked an acceleration in economic growth from 1Q24’s 1.4%, reflecting an upturn in private inventory investment and an acceleration in customer spending.

Bureau of Economic Analysis Chart 2Q24

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