The US economy grew more slowly than expected in the second quarter, as AI-related imports weighed on otherwise robust economic data.
Consumer spending picked up despite inflation and business investment driven by the AI buildout remained strong, but that AI boom cut against overall growth, as the country imported more semiconductors.
The economy in the first 18 months of US President Donald Trump’s tenure has withstood a “series of policy-driven economic shocks,” including tariffs and the Iran war’s energy crisis, better than economists expected, Reuters wrote. But recent polls reflect a darkening economic mood ahead of the midterm elections: 65% of Americans felt that Trump’s policies have worsened economic conditions, a CNN poll found.
