The U.S. economy showcased impressive resilience in Q2 2024, with real GDP accelerating to a robust 3.0% annual growth rate, up from 1.4% in the first quarter. This surge was fueled primarily by a notable increase in consumer spending and gains in private inventory and nonresidential fixed investments. However, this upward momentum faced challenges, as imports, which detract from GDP, also rose, and several key sectors, including nonresidential investments and government spending, saw downward revisions.

Profits of US corporations rose by 1.7% in Q2 2024. Despite a modest increase in dividends, undistributed profits plummeted by 11.6%, marking a stark contrast to previous quarters.

Meanwhile, the Fed's preferred inflation measure, Core PCE, slowed to 2.8% in Q2, down from 3.7%, slightly under market expectations, but signaling a significant cooling from earlier in the year.