The GDP revisions show the U.S. economy was in good shape in mid-2024. Solid growth of consumer spending propelled the economy forward in the second quarter, and the increase of consumer confidence in July suggests it will propel growth in the second half of the year as well.
Consumer spending rose at a 2.9% annual rate last quarter, which was up from 2.3% in the government's initial estimate, indicating stronger economic activity.
Despite the pressure of continued high interest rates, the economy remains resilient, as reflected by the uptick in consumer confidence reported by the Conference Board.
Corporate profits also rose, reaching an annualized $3.425 trillion in the third quarter-a new record, highlighting the strength of businesses amidst economic fluctuations.
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