Economics, as it happens.

U.S. real GDP grew at a 1.5% annualised rate in the second quarter of 2026, down from 2.1% in Q1, as faster consumer spending was offset by weaker government spending, investment and exports.

The detailed record shows how US policymakers assessed inflation, employment and the risks around keeping monetary policy restrictive.

New-home construction weakened, showing how interest rates and developer confidence can transmit monetary policy into the real economy.

The monthly fall points to softer goods spending, though annual sales remained higher and the data cover only part of household consumption.

U.S. consumer prices rose 0.1% in July, while annual CPI inflation was 3.4%, according to the U.S. Bureau of Labor Statistics.

U.S. nonfarm payroll employment fell by 23,000 in July, while the unemployment rate was 4.1%, according to the U.S. Bureau of Labor Statistics.

The second-quarter figures show whether firms are producing more per hour and whether pay gains are being matched by efficiency.

Exports and imports both remained large, while the smaller deficit changed the net-trade contribution to US aggregate demand.

Household income and spending both increased, giving a direct view of the consumer sector and the demand pressures facing the Federal Reserve.

The advance GDP estimate showed continued expansion but a slower pace than in the first quarter, sharpening the growth-inflation policy trade-off.

The Federal Reserve kept its federal funds target range at 3.5%–3.75%, setting the latest stance of U.S. monetary policy.

Orders for long-lasting manufactured products offer an early signal about business investment, factory demand and confidence in future sales.