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US economy slows to 1.5% in Q2
U.S. Gross Domestic Product growth rose to 1.5% in the second quarter, down from the expected 1.8%. The data highlighted a continued increase in inflation, with the Personal Consumption Expenditures Price Index registering a 3.7% annual rise, along with a slight decline in core inflation to 3.3%. Despite the slowdown in growth, consumer spending increased by 2.1%. The data also showed stability in the labor market, although the main weakness came from declines in government spending and inventories. Inflation pressures remain persistent, raising concerns among Federal Reserve officials who are closely monitoring inflation to make future decisions regarding interest rate hikes.
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