The U.S. economy grew by 2.8% in the third quarter of 2024, according to Bureau of Economic Analysis (BEA) statistics released Wednesday.
of growth Third quarter growth of 3.0% exceeds expectations In the second quarter of 2024, According to To BEA. economist forecast According to Forecast.com, GDP is expected to increase by about 3.0% in the third quarter.
Economic growth in the second quarter improved compared to lackluster growth in the first quarter. 1.4% After updated from initial According to BEA, it is estimated at 1.6%.
WASHINGTON, DC – SEPTEMBER 18: Speaks at a press conference after the September meeting of the Federal Open Market Committee held at the William McChesney Martin Jr. Federal Reserve Building on September 18, 2024 in Washington, DC. Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System; The US Federal Reserve (Fed) announced today that it will cut the central bank’s benchmark interest rate by 50 basis points to a new range of 4.75% to 5%. (Photo by Anna Moneymaker/Getty Images)
The US Federal Reserve (FRB) announced on September 18th that it will lower the target range for the federal funds rate by 0.50% in an effort to boost economic growth and gross domestic product (GDP). The decision, made less than seven weeks before the presidential election, marks the Fed’s first policy change since July 2023 and its first rate cut since March 2020. (Related article: ‘Terrible situation’: Prices of middle-class necessities soar under Biden-Harris administration)
Ahead of September’s rate cut, the Fed had kept its target range unchanged at 5.25% to 5.50%, the highest range since 2001.
The Fed lowered its target interest rate in August after inflation fell to 2.5%. Inflation fell further in September, raising some concerns that the economy was performing better than expected.
The unemployment rate fell to 4.1% in September, with US nonfarm payrolls increasing by 254,000. The unemployment rate in August also fell to 4.2%, the first decline since March.
The inflation rate under the Biden administration rose from 1.4% when Biden took office in January 2021, and reached a peak of 9% in June 2022.
The economy is one of the most important issues for voters in this election. A majority of voters (52%) said candidates’ positions on the economy were “very important.” According to According to a Gallup poll released on October 9th.
BEA said its second forecast for the third quarter will be released on November 27th.
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