Topline
The economy grew by more than expected during the second quarter of this year, according to Bureau of Economic Analysis data released Thursday morning, as the U.S. defies yearslong concerns of a slowdown, even as anxiety about corporate profit growth sends Wall Street into a tizzy.
Key Facts
Real gross domestic product, which tracks the inflation-adjusted total value of all goods and services produced in the U.S., grew by 2.8% in 2024’s second quarter compared to the same period a year ago.
That is far better than consensus economist estimates of 2.1%, comfortably beating Q1’s 1.4% economic expansion.
“The US economy is much stronger than people realize and to the extent that markets were worried about a growth slowdown, they should breathe a sigh of relief after this morning’s GDP number,” wrote Chris Zaccarelli, Independent Advisor Alliance’s chief investment officer, in emailed comments.
Key Background
Thursday’s GDP release came a day after the stock market exhibited significant concerns about corporate profit
