US Economy Grows At Healthy 3% Annual Pace

Howitzer shells are shown in production at the Scranton Army Ammunition Plant in Scranton, Pennsylvania, on August 27, 2024. (AP Photo/Ted Shaffrey, File)

The American economy showed robust growth in the second quarter of the year, expanding at a healthy 3% annual pace, according to the latest report from the Commerce Department. This growth was primarily driven by strong consumer spending and solid business investment.

Consumer spending, a key driver of economic activity, increased at a 2.8% pace last quarter, slightly lower than the previous estimate of 2.9%. Business investment also saw a significant uptick, growing at an 8.3% annual pace, with a notable rise in equipment investment at 9.8%.