1 Day
Source:
Los Angeles Times
Q2 Economy Grows 1.5% Despite High Inflation
The U.S. economy grew at a sluggish annual rate of 1.5% in the second quarter due to rising imports, which reduced overall growth. Consumer spending increased by 3.2%, while business investment and imports surged, with imports rising 11.5%. The Federal Reserve's preferred inflation measure rose 3.7% year-over-year but remained above its 2% target, leading the Fed to keep interest rates unchanged. Despite economic resilience, Americans remain frustrated with high living costs and persistent inflation.
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