U.S. Economic Growth Slows to 1.5% in Second Quarter

Why it matters locally: While mirroring national trends, slower economic growth could influence employment rates and consumer confidence in New Jersey, potentially impacting local businesses and state tax revenues.

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WASHINGTON – The U.S. economy grew at an annual rate of 1.5% during the second quarter, from April through June. This rate aligned with previous government estimates. Analysts observed that consumer spending maintained its strength throughout the quarter. Individuals continued to purchase goods and services, contributing to the economic activity recorded for the period.