The U.S. economy exhibited robust growth in the second quarter, with Gross Domestic Product (GDP) expanding at an annualized rate of 2.8%, as reported by the Commerce Department. This figure notably surpasses the 2.1% forecasted by economists surveyed by The Wall Street Journal, marking a significant acceleration from the 1.4% growth rate recorded in the first quarter. GDP, a comprehensive measure of economic activity, encapsulates the total value of goods and services produced.
This report arrives two years after the Federal Reserve commenced its aggressive interest rate hikes to curb soaring inflation. Despite elevated interest rates, the U.S. economy remains resilient, and inflationary pressures have moderated. Nonetheless, the persistent high prices for essentials like groceries, cars, and homes continue to be a source of discontent among Americans. Although recession fears have waned, indicators of economic weakness are emerging.
The labor market, previously char ...
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