The Bureau of Economic Analysis Thursday released 2024’s second quarter gross domestic product (GDP) report, which showed an annual rate increase of 2.8% (compared to 1.4% in the first quarter).
“GDP exceeded expectations in the second quarter, restoring faith that the economy is easing into a sustainable level of growth,” said America’s Credit Unions Head of Emerging Issues/Deputy Chief Economist Curt Long. “Recent statements from Federal Reserve officials confirm that a rate cut is squarely in view. However, such action is not needed to ward off a recession but is rather a response to the moderation in inflation.”