U.S. Economy Grows 2.8% as Consumer Spending Remains Strong

U.S. Economy Shows Strong Growth

The U.S. economy showed surprising strength, achieving a growth rate of 2.8% in the last quarter, primarily due to robust consumer spending. This rate exceeded the economists' expectations of 2.6%, suggesting that American households are weathering high borrowing costs effectively.

Consumer Confidence Rises

Evidence of this resilience is reflected in consumer confidence surveys, which hit their highest point since January 2024. The Conference Board's findings indicate that households are likely to maintain or even increase spending, which is essential for ongoing economic vitality.

Key Takeaways:

• The U.S. economy grew at a rate of 2.8% annually.
• Consumer spending has remained strong despite interest rate hikes.
• Consumer confidence reached its highest level since early 2024.

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