Economy Statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee

IntroductionThroughout the second quarter of 2024, U.S. economic data continued to show robust growth in output and labor markets, even as inflation slowed further. Headline GDP growth accelerated to 2.8 percent over the past three months, supported by strong underlying demand from household consumption and business investment. Although the pace of job growth moderated somewhat relative to previous years, it remains historically healthy, and the unemployment rate remains low. Moreover, more Americans continue to enter the labor force, and the share of workers aged 25 to 54 rose to its highest level of the labor force in over two decades—contributing to the supply-side expansion that has strengthened U.S. growth since the pandemic.Meanwhile, inflation continued to slow in the second quarter.