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US economic growth blew past expectations in the second quarter, boosted by consumer spending and inventory building despite high interest rates, government data showed Thursday, after a slow start to the year.
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The US government data showed on Wednesday that the US trade gap has grown slightly less than expected in May, to the widest level since late 2022.
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The chair of the US Federal Reserve, Jerome Powell, has said that the reserve has made "quite a bit of progress" in its fight against rising prices and could hit its inflation target as soon as next year.
A group of U.S. Senators have introduced major legislation that would allocate $70 billion in federal funds to repair and rebuild the nation's aging public housing infrastructure. The bill, titled the "Public Housing Remediation of Longstanding Deficiencies Act," aims to eliminate the severe backlog of capital needs within the public housing system.
Retailers are facing a challenge as consumer spending habits undergo a significant shift, prompting a wave of price cuts across various industries. With consumers tightening their belts amid rising inflation and stagnant incomes, retailers are slashing prices on thousands of products in a bid to stimulate spending and remain competitive in a challenging market.
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