The U.S. economy grew at a slower rate in the second quarter as surging imports masked strong underlying demand.
The Commerce Department said Thursday that gross domestic product—the broad measure of goods and services produced in the U.S.—grew at an annual rate of 1.5 percent in the April through June period after adjusting for seasonality and inflation. Strong consumer spending and business investment were offset by lower government spending and a surge in imports related to the artificial intelligence buildout.
That fell short of expectations for 1.8 percent growth. In the first quarter, the economy grew at a 2.1 percent pace.
Household spending rose at a 3.2 percent annual rate...
Read the full article here
