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The US economy grew faster than expected in the second quarter as labor market resilience supported consumer spending, while businesses boosted investment in equipment, potentially keeping a much-feared recession at bay.
Initial jobless claims fell by 9,000 to 228,000 in the week ended July 15, as per Labor Department data
US inflation outlook brightening; consumer sentiment near two-year high
Economists also believe an expected interest rate hike from the Federal Reserve later this month would be the last in the U.S. central bank's fastest monetary policy tightening cycle since the 1980s. The Fed, which has hiked its benchmark overnight interest rate by 500 basis points since March 2022, skipped a rate hike at its policy meeting last month. "Investors should expect the Fed in the upcoming meeting to acknowledge the continued improvement in pricing dynamics across the domestic economy."
WASHINGTON (Reuters) — U.S. consumer prices rose modestly in June and registered their smallest annual increase in more than two years as inflation subsided further, but probably not fast enough