BlockBeats News, September 25th, the U.S. economy in the second quarter grew at its fastest pace in nearly two years, and the U.S. government also revised up its previous estimate for consumer spending. A report released by the United States on Thursday showed that the U.S. GDP, adjusted for inflation, grew at a revised annual rate of 3.8%, which is stronger than the previously announced 3.3% growth, while the first quarter saw a sharp contraction. The data show that the annual revisions are relatively minor, with real GDP still growing at an average annual rate of 2.4% from 2019 to 2024, depicting an economy rapidly rebounding from the initial impact of the pandemic and transitioning to a more stable trend of growth, despite ongoing inflation.
The latest quarterly GDP data confirms that the U.S. economy rebounded in the second quarter after a sharp rise in imports earlier this year. The third-quarter economy also looks robust, with recent reports showing resilience in consumer spending and business equipment investment. Economists expect that the August personal consumption expenditure data, set to be released on Friday, will show a nearly 3% year-on-year increase. (FXStreet)
