The U.S. economy surprisingly accelerated to a 2.4 percent annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16 month long fight to bring down inflation. Retired Ripon College economist Paul Schoofs says last quarter’s expansion was well above the 1.5 percent annual rate that economists had forecast. Driving thegain was a burst of business investment, which surged at a 5.7 percent annual pace, the fastest rate since late 2021. Increased spending by state and local governments also helped fuel growth.
