The US economy grew more strongly in the second quarter of this year than in the first three months. The world's largest economy grew by 2.4 percent, up from 2 percent in the first quarter, according to a preliminary estimate from the US Commerce Department.
This also means that the economy improved more than expected, with economists on average expecting a 1.8% increase. This growth is mainly due to strong consumer spending, which is the main driver of the US economy. Commercial investments also contributed to progress.
This is a growth figure based on what is called the annual basis. The quarter's growth is artificially stretched to a figure similar to the annual growth figure. According to the measurement method used in the Netherlands, GDP will rise by 0.6 percent compared to the previous quarter.
Thus, the US economy does not appear to face significant headwinds from the Fed raising interest rates to curb inflation. The Federal Reserve raised interest rates again on Wednesday.
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