U.S. Economy Grows 1.5% Amid Persistent Inflation

Why it matters locally: The continued national inflation and slower economic growth reflected in this report will likely impact New Jersey residents through increased costs for goods and services, potentially affecting household budgets and consumer spending within the state.

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The U.S. economy expanded at an annual rate of 1.5% during the second quarter, as reported by economic data. This growth rate occurred while inflation remained above the central bank's stated 2% target. Consumers experienced elevated living costs during this period. The upcoming midterm elections are scheduled to take place within 100 days.