US Economy Grew Faster Than Expected Last Quarter on Firm Demand
- Gross domestic product rose 2.8%, led by consumers, businesses
- Core PCE climbed by more than forecast but still eased from 1Q
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US economic growth accelerated by more than forecast in the second quarter, illustrating demand is holding up under the weight of higher borrowing costs.
Gross domestic product increased at a 2.8% annualized rate in the April-June period after rising 1.4% in the previous quarter, the government’s initial estimate showed. The economy’s main growth engine — personal spending — advanced 2.3%, also more than projected.