GDP Report Shows U.S. Economy Grew 2.4% in Second Quarter

The U.S. economy grew at a 2.4% annual rate last quarter, remaining well clear of a recession despite higher rates

Economists surveyed by The Wall Street Journal had estimated gross domestic product grew at an annual rate of 2% in the second quarter.

Strong consumer spending—which accounts for about two-thirds of economic output—has been fueling the U.S. economy, amid easing inflation and a tight labor market.

Economists are dialing back their recession expectations after many had projected a downturn would start in the middle of the year in response to Federal Reserve...