The US economy grew at a 2.8 per cent annualised rate in the second quarter, in a sign of continued consumer resilience as the Federal Reserve considers cutting interest rates in the coming months.
Thursday’s data from the Bureau of Economic Analysis surpassed economists’ expectation of 2 per cent GDP growth between April and June and marked a jump from the first quarter’s 1.4 per cent rate.
The Fed is weighing when to cut rates after raising them to a 23-year high of 5.25 to 5.5 per cent in response to the inflation shock from the pandemic.
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