GDP: US economy grows at 3% annualized pace in second quarter

Published On Sep 26, 2024, 8:47 AM

The US economy has shown growth at a 3% annualized rate in the second quarter of 2024, which exceeded analysts' expectations of 2.9%. This growth indicates a strong recovery from the previous quarter's slower pace of 1.4%. Additionally, unemployment claims dropped to 218,000, the lowest since May, suggesting a robust labor market. These factors come alongside a recent decision by the Federal Reserve to cut interest rates by 0.5% to foster further growth and manage inflation. Current projections suggest the economy continues to perform well into the third quarter.