On Wednesday, the government revised its previous estimate and stated that the U.S. economy grew by 2.1% annually from April to June.

This indicates the economy’s ongoing resilience despite increased borrowing costs for both consumers and businesses. Initially, the government had assessed the growth rate at 2.4% for the last quarter.

The Commerce Department’s second assessment of the previous quarter’s growth reveals a slight acceleration compared to the 2% annual growth rate experienced from January to March, the Associated Press has reported.

Despite the Federal Reserve’s vigorous efforts to control inflation through interest rate hikes, the economy has maintained its expansion momentum.

This is evident in sustained hiring by employers and consistent consumer spending.

The recent GDP report, which measures the total output of goods and services, highlights that the growth in the last quarter was propelled by higher levels of consumer spending, increased business investments, and greater expenditures from state and local governments.

Furthermore, the report’s gauge of consumer prices indicates a cooling in inflation, potentially alleviating the need for the Federal Reserve to pursue further interest rate hikes.

Written by staff