U.S. economy expands 2.4% in 2nd quarter, more than estimates

U.S. economy expanded 2.4% in the second quarter of this year, more than market estimates, according to the Commerce Department's first reading released Thursday.

The market expectation for the figure was to come in at 1.8%. American economy grew 2% in the first quarter of 2023.

"The increase in real GDP reflected increases in consumer spending, nonresidential fixed investment, state and local government spending, private inventory investment, and federal government spending," Commerce Department said in a statement.

Those, however, were partly offset by decreases in exports and residential fixed investment, it added.

Current‑dollar GDP increased 4.7% at an annual rate, or $305.2 billion, in the second quarter to reach $26.84 trillion, according to the statement.