US economy expands at sluggish 1.5% pace in second quarter, but consumer spending stayed strong

The U.S. economy expanded by 1.5% in the second quarter, according to the Commerce Department's report. Despite this sluggish growth rate, consumer spending remained robust. The first annual payment for a one-year subscription is $205.00 plus GST. The growth in gross domestic product, which measures the nation's output of goods and services, slowed from 2.1% in the previous quarter.

This deceleration was primarily due to a 12.5% increase in imports, largely driven by a surge in shipments of computer chips and other AI-related products. Despite this, business investment rose, reflecting the ongoing AI boom. The U.S. economy has shown remarkable resilience amid geopolitical tensions and energy price increases. The final report on second-quarter GDP growth is due on September 30.