The U.S economy has significantly grown---two years of solid expansion, risks of recessions are dying, AND economists report a “goldilocks” scenario.
Bhattarai 7/25 Abha Bhattarai is the economics correspondent for The Washington Post. She previously covered retail for the publication, and has also written for the New York Times, Wall Street Journal, Reuters and Tampa Bay Times. Education: Northwestern University, Medill School of Journalism. 7/25/24; https://www.washingtonpost.com/business/2024/07/25/gdp-q2-economy/ “U.S. economy grew 2.8% in second quarter, a robust unexpected strengthening” The Washington Post ] //NWS
The U.S. economy grew at a surprisingly robust 2.8 percent annualized rate in the second quarter, capping two years of solid expansion, despite some signs of softening. Growth in the gross domestic product for the quarter ending in June was double the 1.4 percent reading in the previous quarter, but it reflects a general cool-down from last year’s brisk pace, according to Commerce Department data released Thursday morning. Get a curated selection of 10 of our best stories in your inbox every weekend. “Economic growth is solid, not too hot and not too cold,” said Chris Rupkey, chief economist at Fwdbonds, a financial research firm. “The soft patch we had at the beginning of the year has gone away, and with it, the risks of a recession are dying on the vine.” Consumer spending, business investments and new inventory drove almost all of the second quarter’s growth. Continued government spending at the federal, state and local levels also helped prop up the GDP reading, which sums up goods and services produced in the United States.