🚨 JUST IN: U.S. ECONOMY SURGES IN Q2, EXCEEDING EXPECTATIONS
The U.S. economy grew at a 2.8% annualized rate in Q2, driven by strong consumer spending, government expenditure, and inventory build-up, according to the Commerce Department.
This growth surpassed economists' forecasts of 2.1%. Consumer spending rose by 2.3%, and government spending increased by 3.9%.
Imports jumped 6.9%, while exports rose by 2%. Inflation showed signs of easing, with the PCE price index rising 2.6%, down from 3.4% in Q1.
Treasury Secretary Janet Yellen affirmed the path to steady growth and declining inflation. The Federal Reserve is expected to hold interest rates steady next week, with potential cuts in September.