Business Insights

The economy is proving resilient, growing at an annualized rate of 2.4% during the second quarter, up from a rate of 2.0% in the first quarter. These figures are adjusted for inflation and reflect strength across all major categories except net exports. Post-pandemic consumer spending has remained strong, and a surprise uptick in business spending helped spur growth. These numbers indicate that, despite fears of a potential recession, the economy has continued to grow steadily.