Growth Explosion: GDP Rose 2.4% Despite Fed Tightening

The pace of growth of the U.S. economy picked up in the spring despite the Federal Reserve’s attempt to slow things down.

Gross domestic product rose at a 2.4 percent annualized rate in the April through June period, the government said Thursday. Economists had been expecting a much slower 1.5 percent increase after the year started at  2 percent growth rate.

The personal consumption expenditures price index rose by a mild 2.6 percent, down from a 4.1 percent rise in the first quarter. Economists had forecast an increase of 3.2 percent.