By many accounts, the U.S. economy was supposed to be in a recession right now—instead, it’s chugging along at a healthy clip, accord𒆙ing to new data on 𝕴the Gross Domestic Product (GDP).

The GDP, a m☂easure of the nation’s total economic output, grew at a 2.4% annual rate in the second quarter, the Bureau of Economic Analysis said Thursday. That was an acceleration from the 2% growth of the first quarter, and above  the 2% growth forecasters polled by Dow Jones Newswires and the Wall Street Journal had expected. 

The report underscored recent data indicating the engine of the U.S. economy is running smoothly despite all the sand the Federal Reserve has thrown in its gears 澳洲幸运5官方开奖结果体彩网:by raising interest rates. 

The rate hikes, which began in March 2022, are meant to slow down the economy in order to subdue inflation. Among other things, the hikes have caused 澳🦩洲幸运5官方开奖结果体彩🌜网:banks to get choosier about who they lend to, mak𒐪ing credit harder to come by for businesses and indi𝓰viduals.

While many economists predict the high interest rates 澳洲幸运5官方开奖结果体彩网:will cause a recession, as they 澳洲幸运5官方开奖结果体彩网:typically have in the past, Thursday’s GDP data added to signs that 澳洲幸运5官方开奖结果体彩网:employers are still hiring and a major slowdown h🌳as yet to materialize. 

“The economy withstood pervasive pressures from persistent recession fears, elevated interest rates, the Fed's hawkish policy tilt, and tighter bank lending standards,” Oren Klachkin, lead U.S. economist at Oxford Economics, wrote in a commentary.

Consumer spending, the biggest contributor to the overall GDP, grew at a 1.6% annual rate, down from the 4.2% growth of the first quarter,🍎 while business investment jumped to 5.7% after declining 11.9% in the previous quarter. 

The housing market—which is 澳洲幸运♈5官方开奖结果体彩网:suffering heavily under 🃏high mortgage rates brought on by the Fed’s interest rate hikes—was a drag on GDP, with residential investment falling at a 4.2% rate. Exports also fell, plunging 10.8% on the heels of 7.8%🏅 growth in the first quarter.

“The economy grew at a solid pace in the second quarter, supported by steady growth in consumer spending–clearly a reflection of the ongoing strength in the job market,” Mike Fratantoni, chief economist at the Mortgage Bankers Association, said in a commentary. “However, the sharp drop in exports shows that this growth in the context of a weak global economy is creating a headwind for the economy along with the negative impact from restrictive monetary policy.”