The U.S. economy displayed surprising resilience in the second quarter of 2024. GDP growth beat expectations at 2.8%, driven by strong consumer spending, inventory increases and nonresidential investment.
Retail sales were up 2.5% year over year. Inflation, although not fully tamed, showed signs of easing, with the personal consumption expenditures price index slowing to 2.6% growth.
Job growth has slowed, signaling that the Federal Reserve may soon begin cutting interest rates. While consumer confidence is shaky, the overall economic outlook remains positive, pointing toward a potential soft landing for the economy.
The Fed’s upcoming decisions will undoubtedly shape the economic trajectory for the remainder of the year. Read the full story and learn about our economy’s greater-than-expected resilience.
