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, hindered by rising imports despite increased consumer spending. The Commerce Department reported that GDP growth slowed from 2.1% in the first quarter, falling short of economists' expectations. Consumer spending, which accounts for about 70% of economic activity, rose at an annual rate of 3.2%. Imports surged by 11.5%, impacting GDP growth negatively. The preferred inflation measure by the Federal Reserve, the PCE index, rose 3.7% year-over-year, remaining above the 2% target. The Fed maintained interest rates steady but some officials advocated for increases to combat inflation.
AI summary · Source: Telemundo McAllen (KTLM) →
