The U.S. economy grew at a faster pace than initially reported in the second quarter of 2024, according to the latest data from the Bureau of Economic Analysis.
The economy expanded at a 3.0% annual rate in Q2, up from the initial estimate of 2.8%. This represents a significant acceleration from the 1.4% growth in Q1. The upward revision was primarily due to stronger consumer spending on both goods and services. Increases in private inventory investment and business investment also contributed to the economic expansion.