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

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.”

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