US government estimates last quarter's economic growth was 2.1%, unchanged from previous estimate
- The U.S. Economy grew at a solid pace in the second quarter, expanding by 2.1% annually and maintaining its strong performance despite higher interest rates.
- Consumer spending, business investment, and state and local government outlays were the key drivers of the second-quarter economic expansion. However, consumer spending grew at a slower rate of just 0.8% from April through June.
- There are concerns about the future, as hiring and income growth are slowing and economists predict that savings accumulated during the pandemic will have disappeared by next quarter. Nevertheless, the economy is expected to continue growing and accelerate in the current quarter.
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