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.
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Doubling 1Q's growth, 2Q considerably outperformed economists' expectations.
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More sluggish than previously estimated, it marked the slowest growth quarter since 2Q22.
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CEO D.G. Macpherson noted a "slow, but generally stable" demand backdrop.
