US Economy Grows at a Slow Pace and Inflation Remains Stubborn
· Telemundo McAllen (KTLM)
The U.S. economy grew at a slow rate of 1.5% from April to June, primarily due to rising imports, despite an increase in consumer spending. The Commerce Department reported that GDP growth slowed from 2.1% in the first quarter, falling short of economists' expectations. Consumer spending rose at an annual rate of 3.2%, while business investment, excluding housing, grew at 8.4%. Imports surged by 11.5%, impacting GDP growth negatively. Inflation, measured by the PCE index, increased by 3.7%, remaining above the Federal Reserve's 2% target. The Fed held interest rates steady for the fifth consecutive meeting, though some officials advocated for hikes to combat inflation.
AI summary · Source: Telemundo McAllen (KTLM) →
