the staff of the Ridgewood blog
Ridgewood NJ, the US economy expanded at an annualized rate of 2.8% in the second quarter of 2024, according to preliminary data released yesterday. This growth rate surpasses analysts’ predictions of 2.1% and signals continued economic resilience as inflation cools.
Economic Performance and Consumer Spending
This latest growth figure represents a significant uptick from the 1.4% growth rate recorded in the first quarter. A substantial portion of this growth—over two-thirds—was driven by household spending, indicating robust consumer confidence. However, Americans are saving less, with the current savings rate at 3.8%, a notable decline from the pre-pandemic rate of 7%.
Inflation Trends
Consumer prices in the second quarter rose by 2.6%, which, although above the Federal Reserve’s target inflation rate of 2%, marks a decrease from the 3.4% increase seen in the first quarter. This reduction in inflation, alongside strong economic growth, has sparked optimism for a soft landing, where inflation is controlled without inducing a recession.
Federal Reserve’s Response
The positive economic data has bolstered expectations that the Federal Reserve will maintain steady interest rates in its upcoming meeting next week. There is also growing speculation that a rate cut could be on the table for September. The overall US GDP for the year stands at approximately $28.6 trillion.
Economic Outlook
The stronger-than-expected economic growth and cooling inflation suggest that the US economy is navigating its post-pandemic recovery with considerable resilience. As the Federal Reserve weighs its next moves, the focus will remain on balancing growth and inflation to sustain this positive trajectory.
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While this sounds like great news I am not sure what it means for me and my family. I was away for a few weeks with my family and as soon as I returned I notice several items that I usually purchase at Whole Foods are around 25-30% more expensive than before I left.
Well, what do you want? Don’t shop at Whole Foods, go to ShopRite, Stop & Shop, everyone knows Whole Foods, kings, are more expensive yes, they have great products and a nice and fresh. Don’t complain.
Ok genius. Same sh!t. It has nothing to do with a particular store. In fact certain items such olive oil is more expensive at Stop n Shop than Whole Foods. And a lot of items better quality and cheaper at WH than your preferred stores.
Bullcrap! Food, gas, utilities, insurance (home auto), clothes etc. All up! Business closing Think about what you publish on your blog! Publish the truth not media hype! Next you’ll publish that Kalamazoo Harris is qualified to be President let alone anything else!
Kneepads Harris is totally qualified to be president, or have you forgotten they’ve been propping up a veritable vegetable for the past 3+ years and telling you he’s the commander-in-chief?
Get used to these “good news” headlines for the next 4 months in an effort to prop up Kamala
Time to stock up on TV dinners
I am truly, truly worried about the state of this country and the direction it is heading in. You suburban Democrats are living in your comfortable bubbles and will continue voting D because that’s the tribe you pitched your flag to. You are useful idiots, as they say, thinking you’re still the party of tolerance and fairness. What was once a small minority of noisy pink-haired clowns, is now running the show. The under 40s are completely indoctranated and believe communism needs to be given a proper chance.
They have already started coming for the moderates, like Bill Mayer and others. But wait. Surely voting R is out of the question right? MAGA? Evil Orange Man? My nightly does of MSNBC/CNN/NBC will keep spoon-feeding you false naratives and you useful idiots will fall in line.
But wait, I hear you say. The market is booming. Of course it is with all the excessive currency being generated. It’s why inflation is killing. But, the lies of Biden and his claims of inheriting high inflation never seem to get fact-checked.