US growth likely picked up last quarter after a sluggish start to 2024, reflecting resilient economy

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 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. 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.