US GDP growth accelerates to 2.4% in Q2 despite Fed rate hikes
US economy grows at a 2.4% annual rate in Q2, fueled by consumer spending and investment, defying rising interest rates and surpassing expectations.
The US economy accelerated to a 2.4% annual growth rate between April and June this year, helped partly by consumer spending and some forms of investment. Estimates shared by the Commerce Department showed unexpected resilience in the face of steadily rising interest rates as the Federal Reserve continues its fight against inflation. GDP growth in the world's biggest economy rose from the 2% rate in the first three months of 2023, going well above analyst expectations.