The Globe and Mail reports in its Friday, July 31, edition that the United States economy grew at a slow 1.5 per cent from April to June, with rising imports impacting growth, although consumer spending persisted. An Associated Press dispatch to The Globe reports inflation, measured by the Federal Reserve, increased more slowly last month but remained above the 2-per-cent target, amid rising frustrations about living costs ahead of the upcoming midterm elections. U.S. gross domestic product growth slowed to 2.1 per cent in the first quarter of 2026, below economists' expectations, according to the Commerce Department. However, consumer spending, which represents about 70 per cent of the economy, rose by 3.2 per cent, up from 0.5 per cent in the previous quarter. A measure of the economy's underlying strength looked good, expanding at a 3.9-per-cent annual pace, up from 1.7 per cent from January through March. Business investment, excluding housing, rose at an 8.4-per-cent pace, down from 10.6 per cent from January through March but strong, reflecting a surge in investment in artificial intelligence. "The consumer rescued the quarter," said Olu Sonola, head of U.S. economics at Fitch Ratings.