GDP Increases at 2.4% Annual Pace in the Second Quarter

MarketWatch (07/27/23) Bartash, Jeffry

The U.S. economy grew at a 2.4% annual pace in the second quarter, fueled by robust consumer spending and a rebound in business investment. Wall Street analysts had anticipated a 2.0% increase in gross domestic product. GDP grew 2.0% in the first quarter.

Consumer spending, the main driver of U.S. growth, advanced at a 1.6% pace, according to the federal government. GDP also got a boost from corporate spending on equipment and structures such as oil rigs and new manufacturing plants.

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