The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. Economists had expected a weaker 1.9% annual pace of growth. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. It rose at a 2.3% annual rate in the April-June quarter, up from a 1.5% pace in the January-March period. In last year’s final two quarters, GDP expanded by robust rates of 4.9% and 3.4%.

Source: Los Angeles Times July 25, 2024 21:16 UTC