U.S. Economy Grows 1.5% Amid Persistent Inflation

Why it matters locally: Persistent inflation, as highlighted by the national economic data, continues to impact Michigan households through elevated living costs, affecting household budgets and purchasing power across 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.