30.07.2025 17:46
The United States' economy demonstrated robust growth in the second quarter of 2024, exceeding initial projections. The Bureau of Economic Analysis (BEA) reported a 3% annualized expansion in Gross Domestic Product (GDP), surpassing the anticipated 2.4% increase and significantly rebounding from the 0.5% contraction experienced in the first quarter. This positive surge signals a strengthening economic climate.
Fueling this growth, consumer spending saw a notable increase, a key driver of the nation's economic activity. Simultaneously, a decrease in imports, which are subtracted from GDP calculations, further contributed to the overall positive figure. However, this positive momentum was partially offset by declines in both investment and exports, highlighting the complexity of economic factors at play.
Core Personal Consumption Expenditures (PCE) Price Index, a crucial measure of inflation, also registered a 2.5% quarterly rise, slightly above the predicted 2.4%. In contrast, the Gross Domestic Product Price Index showed a slowdown, rising 2% compared to the previous quarter's 3.8% increase, suggesting a potential moderation in inflationary pressures. These figures provide a nuanced picture of the economy's health.
The positive GDP figures triggered a rally in the US dollar, boosting its value against several major currencies. The US Dollar Index reached a five-week high of 99.25, representing a 0.35% daily increase. This reflects investor confidence in the strength of the US economy following the release of the BEA data. The dollar's appreciation was particularly notable against the Australian dollar.
A detailed breakdown of the US dollar's performance against other major currencies reveals a mixed bag of changes. While strengthening against the Australian dollar by 0.61%, its gains against other currencies were less pronounced, with percentages ranging from a high of 0.61% against the Australian dollar to a low of 0.15% against the Euro, demonstrating the currency’s varied responses to economic factors and market conditions. This data comes from internet sources.
