In the second quarter of 2024, the U.S. economy expanded at a strong annual rate of 2.8%, exceeding economists’ forecasts.
This surge was fueled by positive consumer spending, substantial government expenditures, and increased inventories.
The personal consumption expenditures price index saw a 2.6% rise in the same timeframe, a decrease from the prior quarter’s 3.4% climb as core prices, which exclude food and energy, increased by 2.9%.
The data suggests a continued deceleration in the personal savings rate, standing at 3.5% for the quarter, down from 3.8% in the first quarter.