AMERICA'S 'RESILIENT' CONSUMBER. . .

 

US Economy Expands at 2.8% Rate, Powered by Resilient Consumer

Consumer spending advanced 3.7%, the most since early 2023.

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Here's some information about GDP expansion in developed countries:

• GDP growth in the US: In Q2 2024, the US GDP grew by 0.7%. The US had the highest GDP growth among G7 economies over the period. 
• GDP growth in the UK: In Q2 2024, the UK GDP rose by 0.5%. The IMF and OECD have both raised their forecasts for UK GDP growth in 2024. 
• GDP growth in the Eurozone: In Q2 2024, the Eurozone GDP rose by 0.2%. 
• GDP growth in Germany: In Q2 2024, German GDP fell by 0.1%. 
• GDP expansion: GDP expansion is a phase of the business cycle where real GDP grows for two or more consecutive quarters. It's also known as an economic recovery. 

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