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U.S. Economic Growth Accelerates, Outpacing Forecasts
Tags: Current Focus, Renewal America, United States, Capital Markets, The Economy, Inequality / Upward Mobility, Women, Movement for Renewal of America, Health, Diversity, Education, Climate, 1. Climate Change Action, 2. Cost of Living Action, 3. Income and Wages Fairness, 5. Bringing Jobs and Factories to the US, 6. Capital Allocation for Infrastructure, Goods and Services, 7. Democracy Support Action, 8. U.S. Investment by Government+ Private, 9. The Movement for Global Literacy, 10. Health- Body/Mind Wellbeing for All ,
US economic growth was 2.8% in the second quarter 2024 with broad based growth in consumer spending, business investment and government infrastructure spending, Commerce Department shows. Inflation and consumer prices went down from 3.4% in the first quarter 2024 to 2.6%. This is a good sign for the economy's resilience. Yet housing costs are high and families are struggling with high cost of rentals. This applies to moderate and low income families who are struggling. Consumers have kept on spending because unemployment is low buyers face lower inflation, and wage growth is higher than inflation. For the second quarter of 2024 after tax income adjusted for inflation was 1%.
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