The U.S. economy grew faster in the second quarter of 2024 than initially estimated, with GDP rising to 3% from the previously reported 2.8%, driven by stronger personal spending. Despite inflation exceeding the Federal Reserve's 2% target, it is well below its pandemic-era peak. Layoffs remain low, and unemployment, though slightly up, is stable. The economy is resilient, with mixed consumer confidence and varying corporate earnings reports. The stock market responded positively, and while the Federal Reserve may still cut interest rates, drastic action appears unlikely.
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00:00It's Benzinga and here's what's on the block.
00:02The U.S. economy grew at a faster pace in the second quarter of 2024 than initially
00:07estimated with GDP rising to 3% from the previously reported 2.8%, driven by stronger personal
00:13spending.
00:14Despite inflation remaining above the Federal Reserve's 2% target, it is well below its
00:18pandemic-era peak.
00:20Layoffs remain low and unemployment, though slightly up, is stable.
00:24The economy continues to show resilience with mixed consumer confidence and varying corporate
00:29earnings reports.
00:30The stock market responded positively, and while the Federal Reserve may still cut interest
00:34rates, drastic action appears unlikely.
00:36For all things money, visit Benzinga.com.