The U.S. economy saw a 2.8% increase in gross domestic product in the second quarter of 2024, reflecting a spike in consumer spending, nonresidential fixed investment and private inventory investment.
The first quarter saw GDP grow only 1.4%, according to the Bureau of Economic Analysis.
Consumer spending also increased in goods and services. Healthcare, utilities, recreation services, and housing led service contributors. Motor vehicles and parts, furnishing and durable household equipment, gasoline and recreational goods led goods contributors.
"The economy is in a transition, but it’s in a good place," Ryan Sweet, chief U.S. economist at Oxford Economics, told The New York Times. "The economy is slowing from very strong growth in the second half of last year. We’re just settling down into something that’s a little more sustainable."