US Government Estimates Economy Grew Last Quarter At A 2.1% Rate

WASHINGTON (AP) — The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged.

The second-quarter expansion of the nation’s gross domestic product — its total output of goods and services — marked a modest deceleration from the economy’s 2.2% annual growth from January through March.

Consumer spending, business investment and state and local government outlays drove the second-quarter economic expansion.

The economy and job market have shown surprising resilience even as the Federal Reserve has dramatically raised interest rates to combat inflation, which last year hit a four-decade high.