The US Bureau of Economic Analysis (BEA) has revised the annualized real Gross Domestic Product (GDP) growth rate for the second quarter of 2024 to 3%, up from the initial estimate of 2.8%. This revision surpassed market expectations, which had anticipated the growth rate to remain at 2.8%.
The upward revision primarily reflects stronger-than-expected consumer spending and a significant upturn in private inventory investment, which together drove the acceleration in economic growth compared to the first quarter.
Market reaction to this news has been positive, with the US Dollar maintaining its strength. At the time of this report, the US Dollar Index was up 0.3% on the day, trading at 101.35.
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