Economic growth picked up more than expected in the spring, with GDP increasing at a 2.8 percent annual rate in Q2, supported by solid consumer spending amidst easing inflation and a robust labor market.
The data indicates a transition towards a rare soft landing, where cooling inflation doesn't lead to a recession, contrary to initial concerns when the Fed raised interest rates to curb inflation.
The second-quarter growth was also spurred by increased business investments in equipment and software, as well as growth in consumer spending on goods and services, pointing to a shift towards sustainable economic growth.
The overall sentiment is positive, with Chief U.S. Economist Ryan Sweet mentioning that the economy is slowing down from previous peak growth levels but is moving towards a more sustainable trajectory.
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