US economy likely slowed in April-June quarter but still showed its resilience

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The most aggressive streak of Federal Reserve interest rate hikes in 40 years has slowed the U.S. economy. But it hasn’t derailed it. The economy’s resilience has been on display for months, and on Thursday the government could provide another encouraging snapshot: Its first estimate of growth in the April-June quarter is expected to show that the gross domestic product expanded at a modest 1.5% annual rate. A pace of roughly that size would reflect a continuing slowdown from a 2% growth rate in the January-March quarter, 2.6% for the October-December period and 3.2% for July through September of last year. But it would still point to steady growth.