ISTANBUL

The world's largest economy, the US, expanded by 3% in the second quarter of 2024, according to the Bureau of Economic Analysis' third reading.

Compared to the first quarter, the acceleration in GDP in the second quarter mainly reflected an upturn in private inventory investment and accelerated consumer spending.

"These movements were partly offset by a downturn in residential fixed investment," the bureau said.

Current-dollar personal income rose to $315.7 billion in the second quarter, an upward revision of $82.1 billion from the previous estimate.

The rise primarily reflected increases in compensation and personal current transfer receipts.