The American economy and job market have shown surprising resilience even as the US Federal Reserve raised interest rates to combat inflation.
The US economy grew at a 2.1% annual pace from April through to the end of June, extending its sturdy performance in the face of higher interest rates, the government said, leaving its previous estimate unchanged.
The economy and job market have shown surprising resilience even as the US Federal Reserve has dramatically raised interest rates to combat inflation, which last year hit a four-decade high. But business investment excluding housing, a closely watched barometer, rose at a 7.4% annual pace, the fastest rate in more than a year. And state and local government spending and investment jumped 4.7%, the biggest such quarterly gain since 2019.
Americans, for example, flocked to theatres for the hit summer movies Barbie and Oppenheimer and splurged on Taylor Swift and Beyonce tickets. Business investment is also thought to have remained solid. Even more optimistic estimates have projected that growth from July through until September exceeded a 4% annual rate, according to the Federal Reserve Bank of Atlanta.
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