U.S. economy grew at a 2.8% pace in the second quarter, much more than expected
Source: CNBC
Published Thu, Jul 25 2024 8:30 AM EDT Updated 11 Min Ago
Economic activity in the U.S. was considerably stronger than expected during the second quarter, according to an initial estimate Thursday from the Commerce Department.
Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at a 2.8% annualized pace adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for growth of 2.1% following a 1.4% increase in the first quarter.
Consumer spending helped propel the growth number higher, as did contributions from private inventory investment and nonresidential fixed investment.
Personal consumption expenditures, the main proxy in the Bureau of Economic Analysis report for consumer activity, increased 2.3% for the quarter, up from the 1.5% acceleration in Q1. Both services and goods spending saw solid increases for the quarter.
Read more: https://www.cnbc.com/2024/07/25/us-gdp-q2-2024.html
From the source -
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The U.S. economy grew at a 2.8% annualized rate in Q2.
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8:30 AM · Jul 25, 2024
Article updated.
Original article -
Economic activity in the U.S. was considerably stronger than expected during the second quarter, according to an initial estimate Thursday from the Commerce Department.
Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at a 2.8% annualized pace adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for growth of 2.1% following a 1.4% increase in the first quarter.
This is breaking news. Please check back for updates.
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Last edited Thu Jul 25, 2024, 10:48 AM - Edit history (2)
"No Country In History Has Extracted As Much Oil As The US In Each Of The Past Six Years"
https://www.democraticunderground.com/1127175126
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Lifetime GHG Output Of Oil & Gas Licenses Granted In 2024 Equals China's Annual GHG Emissions
https://www.democraticunderground.com/1127175102
More on recent U.S. oil and gas licenses in the 4th paragraph of the above article.
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https://www.democraticunderground.com/?com=view_post&forum=1127&pid=175066
The U.S. Energy Consumption shares above is from the pie chart in https://www.eia.gov/energyexplained/us-energy-facts/
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Also from the above us-energy-facts link. The bottom 4 bands are all fossil fuels. So, to see the combined total of fossil fuels, look at the top of the light pink band:.
It is interesting that the total fossil fuel production in BTUs (top of the light pink band) was essentially flat from 1970 to 2007, and then very sad that it went sharply up from there.
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It's instructive to occasionally just look at the headlines in the Environment and Energy Group
https://www.democraticunderground.com/?com=forum&id=1127
from much of the electorate is IMO one of the great injustices in American political history. And, probably evidence for the failure of the corporate media to adequately and accurately inform the American public. Or, in the case of faux and other propaganda outlets, to actively lie to the public.
The Federal Reserve's key inflation rate came in a touch hotter than expected in the second quarter, as U.S. GDP growth perked up after a slow start to the year, the Commerce Department reported Thursday. The S&P 500 rebounded from Wednesday's sharp sell-off, as investors weighed the implications for the rate-cut outlook. The Federal Reserve's primary inflation gauge, the core PCE (personal consumption expenditures) price index, rose at a 2.9% annual rate in Q2, above 2.7% forecasts.
... Headline inflation slowed to a 2.6% annualized rate in Q2, down from 3.4% in Q1.
The quarterly core PCE inflation data provides a preview of Friday's big inflation report, which will break out monthly increases in the core PCE price index.
Prior to the GDP data, Wall Street expected a 0.2% increase in core PCE prices for June, lowering the 12-month core PCE inflation rate to 2.5%. However, the above-expected Q2 rise in core PCE prices suggests either June's increase will come in on the high side, or prior data was revised higher.
More: https://finance.yahoo.com/m/7963bf1c-f7f2-39f2-bbaa-4353cbd44cd9/the-fed-s-key-inflation-rate.html
(I'm using this link because it might make the Investor Business Daily one free)
Anyway, tomorrow is the big PCE inflation report for June, the Fed's favorite gauge and all that. 8:30 AM Philadelphia Daylight Time
