What you need to know about America's shockingly good economic report

The US economy showed strong performance in the second quarter, with the gross domestic product (GDP) growing at a robust rate of 2.8% on an annualized basis. This exceeded earlier projections and indicates a positive trend in the economy. Despite high interest rates and inflationary pressures, key sectors of the economy, including consumer spending and business investment, demonstrated improvement. Consumer spending, which accounts for around 70% of the economy, increased in the second quarter, while inflation slowed. Business investment also saw a significant boost, particularly in spending on equipment. However, spending on structures experienced a decline. The overall findings suggest that the economy is on a solid footing, with the possibility of a seamless transition to controlled inflation without entering a recession.