The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store and gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses.<\/p>\n
Here\u2019s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you.<\/p>\n
US economy grows a sluggish 1.5% in second quarter<\/p>\n
The U.S. economy<\/a> expanded at a sluggish 1.5% pace from April through June as rising imports<\/a> weighed on growth. But consumer spending<\/a> rose. And the Federal Reserve\u2019s favored measure of inflation grew more slowly last month, but remained above the central bank\u2019s 2% target.<\/p>\n The Commerce Department reported this week that growth in U.S. gross domestic product \u2014 the nation\u2019s output of goods and services \u2014 decelerated from 2.1% in the first three months of 2026 and came in below economists\u2019 expectations. But consumer spending \u2014 which accounts for about 70% of U.S. economic activity \u2014 increased at a 3.2% annual clip, up from 0.5% in the January-March period.<\/p>\n Business investment, excluding housing, rose at an 8.4% pace, down from 10.6% from January through March but strong, reflecting a surge in investment in artificial intelligence<\/a>. <\/p>\n Average 30-year US mortgage rate reaches highest point in a year<\/p>\n The average long-term U.S. mortgage rate<\/a> rose for the fourth consecutive week to its highest level in a year, another setback for prospective homebuyers hoping for a break from elevated home loan borrowing costs.<\/p>\n The benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.58% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.72%. <\/p>\n Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose this week. That average rate increased to 6.04% from 5.96% last week. A year ago, it was at 5.85%, Freddie Mac said.<\/p>\n Americans confidence in the US economy stalls <\/p>\n Americans\u2019 confidence in the economy fell<\/a> this month as gas prices ticked up along with the fighting<\/a> between the U.S. and Iran. <\/p>\n The Conference Board said Tuesday that its consumer confidence index<\/a> fell to 90.8 in July from 92.2 in June. That\u2019s essentially the same tepid range its been in since the beginning of the year. In late 2024 and early 2025 the readings were well above 100.<\/p>\n Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon. from more than $4.50 a gallon in late April and early May. But as fighting in the Middle East escalated, the average price for a gallon of regular gas in the U.S. started to rise again. Prices ticked up again overnight to $4.11 per gallon, according to the auto club AAA.<\/p>\n Stocks swing as Wall Street wraps up wild July<\/p>\n The U.S. stock market swung<\/a> wildly but ended the week with gains. Amazon<\/a> leapt, Apple<\/a> sank, and rising oil prices<\/a> added to worries about inflation<\/a> already squeezing the bond market<\/a>. <\/p>\n Questions remain about when crude will again flow freely again from the Middle East.<\/p>\n The price for a barrel of Brent crude rose 2.1% to $88.68 after careening between $72 and $102 earlier in July. <\/p>\n Higher oil prices have pushed the cost for a gallon of regular gasoline to an average of nearly $4.11 across the United States, up from $3.85 a month ago, according to AAA.<\/p>\n <\/p>\n \n Sign up for Morning Wire:<\/strong> Federal Reserve leaves interest rate unchanged<\/p>\n
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