U.S. Economy Grows at 1.5% Rate in Q2, Core Inflation Remains Elevated
The U.S. economy grew by 1.5% year-over-year during the second quarter of 2024, according to a report from the Commerce Department on Thursday. This growth rate was below expectations and reflects slower economic momentum amid ongoing inflationary pressures. Inflation remained above the Federal Reserve's target level, with core consumer price index (CPI) rising by 3.3% in June compared to the previous year. The data highlights a challenging environment for policymakers as they balance concerns over growth and persistent inflation.
Topics: economic growth Federal Reserve inflation