US economy expands more than expected in second quarter, boosted by spending

U.S. economic growth accelerated more than expected in the second quarter of the year, showing that demand is resisting the pull of higher borrowing costs. Gross domestic product (GDP) increased at an annualized rate of 2.8%, after rising 1.4% in the previous period.

The main driver of growth in the economy, consumer spending, grew 2.3%, above expectations, while business investment grew at the fastest pace in nearly a year. Orders for business equipment rose significantly, indicating continued growth in the future.

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