**U.S. economic news overview for August 5:**

1. **GDP Growth**: The real GDP growth of the United States in the second quarter reached 2.8%, higher than the 1.4% in the first quarter. Growth was driven primarily by consumer spending, inventory investment, and business investment [[❞]](https://www.bea.gov/data/gdp/gross-domestic-product).

2. **Inflation and Interest Rates**: The Federal Reserve plans to cut interest rates again in the second half of this year, with the goal of controlling the inflation rate below 3%. Continued high inflation and pressure from geopolitical conflicts may prompt the Federal Reserve to further tighten monetary policy[[❞]](https://www2.deloitte.com/us/en/insights/economy/us-economic-forecast /united-states-outlook-analysis.html).

3. **Consumer Spending**: Despite high interest rates and inflationary pressures, consumer spending remains strong. Consumer spending is expected to grow 2.3% for all of 2024, but this growth may not be sustainable [[❞]](https://www2.deloitte.com/us/en/insights/economy/us-economic-forecast/united -states-outlook-analysis.html).

#USEconomy#GDP#Inflation#ConsumerSpending #FederalReserve