Odaily Planet Daily News: Preliminary estimates from the US government show that gross domestic product grew at an annual rate of 2.8% in the second quarter, compared with 1.4% in the previous quarter. Personal spending, the main growth engine of the economy, grew 2.3%, also higher than expected. A report released by the US Bureau of Economic Analysis on Thursday showed that a closely watched underlying inflation indicator rose 2.9%, slowing from the first quarter but still higher than expected. Although the growth rate has accelerated from the first quarter, these data are still slower than last year. Under the weight of high interest rates, consumer spending and broader economic activity have cooled, which also helps to gradually curb inflation. This is a good sign for the Federal Reserve. The Federal Reserve is working to achieve a soft landing for the economy and may start cutting interest rates as early as September. (Jinshi)