US economy grows at sluggish 1.5% in Q2 with inflation remaining high

The US economy expanded at a sluggish 1.5 per cent pace from April through toJune as rising imports weighed on growth, yet consumers continued to spend. And the Federal Reserve’s favoured measure of inflation grew more slowly last month. But it remained above the central bank’s 2.0 per cent target at a time when Americans are frustrated about the high cost of living ahead of the midterm elections, now less than 100 days away.