Real GDP Q2 2024 is at 3% beating some of the expectations. You can read a really nice analysis of GDP in Q2GDP Third Estimate. In particular I like the historical analysis and the charts. As a person conducting a little economic research and the changes in our economy. I am looking at growth rate GDP and volatility. If after COVID pushed businessed to adapt and the economy digitize quickly with new infrastructure and necessity it is hope we see a general stronger GDP and more stability. There are a couple of charts where you can see a possible trend forming but isn't long enough to say conclusively because it could take a long time to determine if there was significant change.
Stability and higher growth could happen because new infrastructure and a push by the environment brought on by the Pandemic forces companies and the economy itself to adapt. i.e. more digital assets and virtual work. Infrastructure with new technology on top of it is going to speed things up. That means many more microtransactions that could increase the growth rate of a large economy like ours. Typically a larger will have slower growth when compared to emerging economies. It is also the multiplication of the microtransactions that can lead to stability as natural behaviors of people within the economy optimize faster.
Do I know if any of that is true? Nope...no idea but so far it has been more right than wrong. The thing about theory is you don't really care....just see if it is one explanation of the puzzle that ends up bring true or not true. 🤷 Sure, you care about the economy but in my mind people who theorize should be relatively indifferent to the results so they can be more accurate.
The video below indicates the economy is still pretty strong but the consumers may not be saving as much as they should so they could be spending those reserves down.
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