U.S. economy grows 2.4% in 2nd quarter as spending remains strong

The U.S. economy grew an annualized 2.4 percent in real terms from April through June, registering the fourth straight quarter of expansion, as companies and consumers kept spending despite high inflation, the Commerce Department said Thursday.

The initial estimate of gross domestic product for the second quarter grew far more than the market forecast of 1.8 percent, with the rate upping from 2.0 percent in the first three months of this year.

In the April-June period, the department said private consumption, which accounts for two-thirds of the economy, underpinned by wage gains, rose 1.6 per...