The U.S. economy grew at a slightly less brisk pace than initially thought in the second quarter as businesses liquidated inventory, but momentum appears to have picked up early this quarter as a tight labor market underpins consumer spending. Gross domestic product increased at a 2.1% annualized rate last quarter. That was revised down from the 2.4% pace reported last month. The report from the Commerce Department also confirmed that inflation pressures moderated last quarter. The economy continues to expand despite 525 basis points worth of interest rate hikes from the Federal Reserve since March 2022.

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