US economy rebounds with 2.8% GDP growth in Q2; price pressures easing

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US economy rebounds with 2.8% GDP growth in Q2; price pressures easing - Business Standard

Quick Summary:

The increase in final sales to private domestic purchasers matched the gain in the January-March quarter."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," said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance.

Businesses also accumulated more inventory, which increased at a $71.3 billion rate after rising at a $28.6 billion pace in the prior quarter.Inventories added 0.82 percentage point to GDP growth after being a drag for two straight quarters.

The growth rate in the first half of the year averaged 2.1 per cent, half the 4.2 per cent pace logged in the last six months of 2023.