- Summary: The Commerce Dept. reported the U.S. economy saw 2.5% GDP growth in the second quarter, with weakened consumer spending, residential and business investment growth. The GDP figure was significantly lower than many leading economists had predicted. The price index for personal consumption rose 4.1%. The PCE price gauge excluding food and energy climbed 2.9%.
- Comment on related stocks/ETFs: The Fed has been hoping to slow growth in this manner to stem inflation; the figures may make a Fed rate hike next month less necessary.
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