U.S. Economic Growth Slowed to 1.5% in Second Quarter, Falling Short of Expectations
- The Commerce Department reported the United States economy grew at a 1.5% annualized rate in the second quarter, missing the 2.1% pace economists had forecast.
- Consumer spending surged 3.2% last quarter, supported by a $140 billion boost to household income from President Donald Trump's "One Big Beautiful Bill" tax refunds and strong asset price growth.
- Imports widened the trade deficit, subtracting 1.01 percentage points from growth, while gasoline prices rose back above $4 a gallon amid renewed hostilities in the Middle East.
- The Fed left its benchmark interest rate in a 3.50%-3.75% range; three committee members dissented, stating they "preferred" a quarter-percentage-point hike over concerns about inflation and the conflict with Iran.
- Pantheon Macroeconomics senior economist Oliver Allen warned growth is unlikely to be sustained, stating "Underlying growth was solid, but is unlikely to be sustained" as tax refund boosts fade and income growth weakens.
240 Articles
240 Articles
Hawaii Tribune-Herald
West Hawaii TodayUS economy slows as inflation bites
The U.S. economy slowed in the second quarter of the year, expanding at an annual rate of 1.5% as the war with Iran upended prices, supply chains and energy markets. The post US economy slows as inflation bites appeared first on Hawaii Tribune-Herald.
The U.S. economy grew only 1.5 percent quarterly on an annual basis, with seasonally adjusted figures, revealing the first estimate of gross domestic product (GDP), which was below the previous advance of 2.1 percent.
U.S. economy grows at a sluggish 1.5% in second quarter with inflation remaining stubbornly high
WASHINGTON — The U.S. economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth, yet consumers continued to spend. And the Federal Reserve’s favored measure of inflation grew more slowly last month. But…
US economy grows at a sluggish 1.5% in second-quarter with inflation remaining stubbornly high - WXXV News 25
By PAUL WISEMAN WASHINGTON (AP) — The U.S. economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth, yet consumers continued to spend. And the Federal Reserve’s favored measure of inflation grew more slowly last month. But it remained above the central bank’s 2% target at a time when Americans are frustrated about the high cost of living ahead of the midterm elections, now less than 100 days away. Gr…
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