Test English original 2024-07-25 17:13

The US economy grew at a faster than expected pace in the second quarter.

The Bureau of Economic Analysis’s advance estimate of second quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.8% during the period, well above the 2% growth expected by economists surveyed by Bloomberg. The reading came in higher than first quarter GDP, which was revised down to 1.4%.

“We think [the second quarter] will end up being the best quarter for the economy this year,” Nationwide financial markets economist Oren Klachkin wrote of this morning’s Q2 GDP report. “We should receive cooler GDP reports from here on out as consumers tighten their purse strings and businesses become more reticent to invest and hire.”