GDP ‘exceeded expectations’ in Q2, easing into ‘sustainable level of growth’

By America's Credit Unions | July 26, 2024

The Bureau of Economic Analysis Thursday released 2024’s second quarter gross domestic product (GDP) report, which showed an annual rate increase of 2.8% (compared to 1.4% in the first quarter).

“GDP exceeded expectations in the second quarter, restoring faith that the economy is easing into a sustainable level of growth,” said America’s Credit Unions Head of Emerging Issues/Deputy Chief Economist Curt Long. “Recent statements from Federal Reserve officials confirm that a rate cut is squarely in view. However, such action is not needed to ward off a recession but is rather a response to the moderation in inflation.”