What recession? Latest GDP data shows economy is holding firm
CBSN
Economic growth accelerated in the second quarter of the year, adding to evidence that the U.S. may avoid a recession even as interest rates rise to a two-decade high.
The nation's economic output grew at a 2.4% annual rate in the three months ending in June, the Commerce Department reported on Thursday. That's a jump from the 2% growth rate seen in the January-March quarter.
Consumer spending slowed to a 1.6% annual rate, from 4.2% in the first quarter of the year, a likely consequence of higher borrowing costs. But business investment and state and local government spending grew faster.
Stocks look set to surge in early trading on Monday after President Trump postponed an ultimatum for Iran to reopen the Strait of Hormuz, saying that the U.S. is engaged in "good and productive" negotiations with Tehran. Edited by Alain Sherter In:
New York's La Guardia Airport was closed late Sunday night after an arriving Air Canada Express plane and ground vehicle collided, according to flight tracking service FlightRadar24.
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CBS News contributor Arthur C. Brooks is the author of a new book, "The Meaning of Your Life: Finding Purpose in an Age of Emptiness." This morning, he's charting an unlikely path to happiness:
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We share our planet with maybe 10 million species of plants, animals, birds, fish, fungi and bugs. And to help identify them, millions of people are using a free phone app. "Currently we have about six million people using the platform every month," said Scott Loarie, the executive director of iNaturalist, a nonprofit.
Washington — As voters gear up for the midterm elections in November that will decide control of the House and Senate, the Supreme Court is set to weigh Monday whether states can count mail ballots that are postmarked by, but arrive after, Election Day.
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