The U.S. economy grew at an annual rate of 2.8 percent in Q22024 year-on-year, capping two years of strong expansion, despite some signs of slowdown. According to Commerce Department data, consumer spending and business investment led growth in the second quarter. Ongoing government spending also helped support the GDP reading.
A slowdown in home construction and other residential investment, and an increase in imports, have slowed economic growth in the construction sector, a shift after three consecutive quarters of strong growth.
Americans spend generously on goods such as cars, recreational vehicles, and furniture, according to the Commerce Department, but these jumps in spending are unlikely to be sustainable: income growth has weakened, coronavirus savings have run out, and more people are defaulting on loan payments.
Source (Anadolu Agency, Edited)
