The U.S. economy exceeded growth expectations in the second quarter, with the gross domestic product (GDP) increasing at an annualized rate of 2.8%, according to the Commerce Department's Bureau of Economic Analysis.
Economists surveyed by Reuters had predicted a 2.0% rise, with estimates ranging from 1.1% to 3.4%. This marks a significant acceleration from the first quarter, which saw a 1.4% growth rate.
The robust consumer spending and inventory building contributed to the stronger-than-expected performance, despite the backdrop of high interest rates.
Reference(s):
cgtn.com
