US growth accelerates to 2.4% on resilient consumers, companies

(Image: Bloomberg)

Mon, 31 Jul 2023

By Reade Pickert US economic growth unexpectedly picked up steam in the second quarter thanks to resilience among consumers and businesses in the face of high interest rates.Gross domestic product (GDP) rose at a 2.4% annualised rate after a 2% pace in the previous three months, the Commerce Department’s initial estimate showed on Thursday. Consumer spending increased at a 1.6% pace, more than forecast, after surging at the start of the year.The Federal Reserve’s preferred underlying inflation metric advanced at a slower-t...

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