If economic performance were an Olympic sport, America would sweep up gold medals. The US economy hit record-high real GDP, real consumer spending, and real consumption per household (a barometer for standards of living) last quarter. It has achieved the feat of “immaculate disinflation”—falling inflation without recessionary fallout—as PCED inflation is fast approaching the Fed’s 2.0% target. Real capital spending by businesses also stood at a record high during Q2. The US housing market is the notable exception to the US economy’s remarkable performance, with weak housing starts and residential investment.
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