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US economy grows a sluggish 1.5% second-quarter with inflation remaining stubbornly high
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WBAL Baltimore News
WASHINGTON (AP) — The U.S. economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth, yet consumers continued to spend .
Business investment, excluding housing, rose at an 8.4% pace, down from 10.6% from January through March but strong, reflecting a surge in investment in artificial intelligence .
Imports rose at an 11.5% pace, partly on a surge in shipments of computer chips and other products that support AI investment.
Excluding volatile food and energy prices, so-called core consumer prices were up 3.3% from a year earlier, little-changed from 3.4% increase in May.
The American economy has been surprisingly resilient in the face of the Iran war and the spike in energy prices it caused.