0311
Diamond Member
WASHINGTON (AP) — 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.
apnews.com
Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — picked up in the April-June quarter after growing at a 1.4% pace in the January-March period. Economists had expected a weaker 1.9% annual pace of growth.
The GDP report also showed that inflation continues to ease, while still remaining above the Federal Reserve’s 2% target. 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. Excluding volatile food and energy prices, so-called core PCE inflation increased at a 2.9% pace. That was down from 3.7% from January through March.
US economic growth increased last quarter to a healthy 2.8% annual rate
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.
apnews.com
Thursday’s report from the Commerce Department said the gross domestic product — the economy’s total output of goods and services — picked up in the April-June quarter after growing at a 1.4% pace in the January-March period. Economists had expected a weaker 1.9% annual pace of growth.
The GDP report also showed that inflation continues to ease, while still remaining above the Federal Reserve’s 2% target. 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. Excluding volatile food and energy prices, so-called core PCE inflation increased at a 2.9% pace. That was down from 3.7% from January through March.
