(AURN News) — The U.S. economy maintained its strong momentum in the second quarter of 2024, with the gross domestic product (GDP) expanding at an annual rate of 2.8 percent, according to data released last Thursday by the Department of Commerce. The Bureau of Labor Statistics report highlighted increased consumer spending, private inventory investment, and nonresidential fixed investment as primary drivers of growth.
Consumer spending saw upticks in both services and goods sectors, with notable contributions from health care, housing and utilities, and recreation services. The goods category was bolstered by increased spending on motor vehicles and parts, recreational goods, home furnishings, and energy products.
Personal income for Americans rose by $237.6 billion, while disposable income increased by $186.3 billion, representing a 3.6 percent gain. Personal savings also saw a significant boost, climbing by $720.5 billion during the quarter. However, despite the overall positive economic indicators, inflation remains a concern. The Federal Reserve’s target inflation rate of 2 percent has not yet been achieved, and many Americans are dealing with layoffs and continued high prices. The next GDP data release is scheduled for Aug. 29.
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