The U.S. economy, job market have been resilient in the face of the Fed's campaign to raise interest rates to rein in inflation
Recorded pace was slowest quarterly growth since spring 2022
Weekly unemployment claims — a proxy for layoffs — remain at low levels by historical standards
Strength of U.S. economy will support global growth of 2.6% this year
Consumer spending also rose in the last quarter, but at a slower pace than previously thought
Median price of previously occupied homes rose 5.7% to $407,600 — the tenth straight increase and a record for April
The resilient strength of the job market and overall economy has kept inflation above the Fed’s 2% target
Global expansion being powered by unexpectedly strong growth in the U.S.
The unemployment rate has come in below 4% for 26 straight months
Growth has now topped 2% for six straight quarters, defying fears that high interest rates would lead to a recession