“US economic growth last quarter is revised up sharply to a 2% annual rate”

“Showing surprising resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years… Despite the uptick, the government’s third and final report on January-March economic growth still marked a deceleration from the 2.6% annual rate from October through December and the 3.2% growth from July through September. The economy has been slowed by the Federal Reserve’s aggressive drive to tame inflation through a series of interest rate hikes beginning early last year…

But the economy has proved unexpectedly durable. Retail sales rose last month despite pressure from still-high inflation and rising borrowing costs. Government reports have shown recent gains in new-home sales and orders for long-lasting manufactured goods. And employers have added a healthy average of 314,000 jobs a month so far this year, with the unemployment rate, at 3.7%, still close to a half-century low…”

https://finance.yahoo.com/news/us-economic-growth-last-quarter-123806666.html