Economy Beats Expectations

The US economy grew at an annualized rate of 2.8% in the second quarter of 2024, according to preliminary data yesterday. The figure beat analysts' expectations of 2.1% and comes as inflation continues to cool.

The announcement sparked hopes the economy was on track for a soft landing, in which inflation is curbed without triggering a recession. The US gross domestic product was double the 1.4% growth rate in the first quarter. It also came as consumer prices last quarter grew at 2.6%—above the Federal Reserve's target inflation rate of 2% but down from 3.4% in the first quarter. Household spending drove over two-thirds of GDP growth; Americans save about 3.8% of their monthly paychecks today, down from 7% prepandemic.

The news reinforced expectations the Federal Reserve will keep interest rates steady at next week's meeting but may cut rates in September. The country's total yearly GDP is roughly $28.6T. See historical data here.

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Mortgage Rates See Biggest Decline in a Year; Applications Rise

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Speakers & Sessions For NCOFCU 24 San Antonio TX.

National Council of Firefighter Credit Unions Inc (NCOFCU) Speakers and Schedule! It is the National Council of Firefighter Credit Unions (NCOFCU) "GO TO Conference" for credit unions serving first responders! Who should attend? CEO's, VP's Directors and Staff See What's Planned Register Here! Bring your spouse, bring a guest to enjoy San Antonio, TX River Walk 4 Days Golf 16 + Sessions Alamo Reception Closing Dinner Right on the San Antonio River Walk Several Networking events Open Forums Idea Exchange Events Panel Discussions of CU Leaders National & Industry Speakers Trends in First-Responder Credit Unions Director & Volunteer Sessions Exhibitors ShowcaseAnd So Much More! HOTEL REGISTER HERE

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