The U.S. economy expanded at a 2.1% annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said in a downgrade from its initial estimate
File - A worker prepares materials and construction parts at the Boeing Interiors Responsibility Center in North Charleston, S.C., on May 31, 2023. On Wednesday, the Commerce Department issues its second of three estimates of how the U.S. economy performed in the second quarter of 2023.The U.S. economy expanded at a 2.
Wednesday’s report on the nation’s gross domestic product — the total output of goods and services — showed that growth last quarter was driven by upticks in consumer spending, business investment and outlays by state and local governments. A measure of consumer prices in the report also showed inflation cooling, which could ease the pressure on the Fed to further raise interest rates.
The American economy — the world’s largest — has proved surprisingly durable in the midst of the Fed’s aggressive campaign to stamp out a resurgence of inflation, which last year hit a four-decade high. Since March of last year, the Fed has raised its benchmark rate 11 times, making borrowing for everything from cars to homes to business expansions much more expensive and prompting widespread predictions of a coming recession.
Since the Fed began raising rates, the economy has been bolstered by a consistently healthy job market. Employers have added a robust average of 258,000 jobs a month this year, though that average has slowed over the past three months to 218,000.
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