The US economy grew faster than expected in the second quarter, but inflation subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve.
Gross domestic product (GDP) increased at a 2.8 per cent annualised rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of second-quarter GDP on July 24. Economists polled by Reuters had forecast GDP rising at a 2 per cent rate. Estimates ranged from a 1.1 per cent rate to a 3.4 per cent pace. The economy grew at a rate of 1.4 per cent in the first quarter.
US central bank officials regard a 1.8 per cent pace as the non-inflationary growth rate.
This story is from the July 26, 2024 edition of The Straits Times.
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This story is from the July 26, 2024 edition of The Straits Times.
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