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US economic growth rebounds to 3% in Q2 from 1.4% in Q1

The United States economy grew last quarter at a healthy three percent annual pace, fuelled by strong consumer spending and business investment.
 
The US Commerce Department had previously estimated that the nation's gross domestic product, the total output of goods and services, expanded at a 2.8 per cent rate from April through June.
 
The second-quarter growth marked a sharp acceleration from a sluggish 1.4 per cent growth rate in the first three months of 2024.
 
Consumer spending, which accounts for about 70 percent of US economic activity, rose at a 2.9 per cent annual rate last quarter.
 


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