Indicators
US Growth Accelerates to 2.4% on Resilient Consumers, Companies
- Household spending tops estimates, business investment robust
- Latest data likely add to hopes that US can skirt a recession
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US economic growth unexpectedly picked up steam in the second quarter thanks to resilience among consumers and businesses in the face of high interest rates.
Gross domestic product rose at a 2.4% annualized rate after a 2% pace in the previous three months, the Commerce Department’s initial estimate showed Thursday. Consumer spending increased at a 1.6% pace, more than forecast, after surging at the start of the year.