U.S. economic growth accelerated in 2nd quarter, exceeding expectations and rebuking recession fears
Consumer prices rose 3% last month compared to a year ago, marking a significant slowdown and raising hopes that a prolonged bout of heightened inflation is nearing its end.U.S. economic growth accelerated over three months ending in June, blowing past economist expectations and rebuking concern about a possible recession.
The finding of 2.4% annualized growth over the three months ending in June demonstrates that economic growth accelerated over the three months ending in June, dispelling concern among some about a fast-approaching recession. The GDP data released on Thursday arrives a day after the Federal Reserve raised interest rates by 0.25%, bringing its benchmark rate to a 22-year high of between 5.25% and 5.5%.by Bloomberg, however, think the move constitutes the central bank's final rate increase of an aggressive series that began in March 2022.
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