US economy accelerated unexpectedly to a 2.4% growth rate in April-June quarter despite Fed hikes ...Middle East

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WASHINGTON (AP) — The U.S. economy surprisingly accelerated to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight to bring down inflation. Thursday’s estimate from the Commerce Department indicated that the gross domestic product — the economy’s total output of goods and services — picked up from the 2% growth rate in the January-March quarter. Last quarter’s expansion was well above the 1.5% annual rate that economists had forecast. Driving the gain was a burst of business investment, which surged at a 5.7% annual pace, the fastest rate since late 2021. Compani

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Last updated : 27 July 2023 clock 05:41 PM

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US economy accelerated unexpectedly to a 2.4% growth rate in April-June quarter despite Fed hikes ...Middle East

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