BY PAUL WISEMAN
WASHINGTON (AP) — The American economy, boosted by healthy consumer spending, is believed to have regained some momentum this spring after having begun 2024 at a sluggish pace.
The Commerce Department is expected to report Thursday that the gross domestic product — the economy’s total output of goods and services — increased at a solid if unspectacular 1.9% annual rate from April through June, according to a survey of forecasters by the data firm FactSet. That would be up from 1.4% annual growth in the January-March quarter.
Despite the likely uptick, the U.S. economy, the world’s largest, has clearly cooled in the face of the highest borrowing rates in decades. From mid-2022 through the end of 2023, annualized GDP growth had exceeded 2% for six straight quarters.
This year’s slowdown reflects, in large part, the much higher borrowing rates for home and auto loans, credit cards and
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