US economic growth in the second quarter exceeded expectations
July 26, 2024
US economic growth in the second quarter significantly exceeded forecasts, rising 2.8% quarter-on-quarter in the second quarter, compared to an estimated 2% and 1.4% previously. Core PCE prices also increased at a slower pace than expected, rising 2.9%, although this was slightly above the 2.7% previously expected. Personal spending rose 2.3%, which also beat expectations. Overall, this fits into the Fed’s “soft landing” scenario and has little impact on expectations for a September rate cut, although there has been speculation that they may move as early as next week, which I doubt they will do.