US economy flexes muscles after strong final Q2 GDP growth of 3.0%
The US economy continues to shine after its Q2 GDP growth print of 3.0% was confirmed, thanks to resilient consumer spending, despite spending growth getting revised to 2.8% from 2.9%. Q1 GDP growth was also upgraded to 1.6% from 1.4%, as there were upward revisions to private inventory investment and government spending. Meanwhile, 2023, GDP growth was revised up to 2.9% from 2.5%, and to a whopping 2.5% from 1.9% in 2022. Newspage asked experts for their thoughts as to what this says about the state of the US economy and the implications this might have for rate cuts for the rest of 2024 and beyond. Their views are below.