The US economy grew at an annualized rate of 1.5% between April and June, according to Commerce Department data reported by NPR. That marked a moderate slowdown from the 2.1% recorded during the first three months of the year, leaving the economy in positive territory but with less momentum than at the start of 2026.

Much of the slowdown was attributed to lower government spending and rising imports. In GDP calculations, purchases of foreign goods and services are deducted from domestic output. Exports increased during the quarter, but imports grew faster, resulting in a negative contribution from trade to overall growth.

Consumers once again provided the main source of support. Household spending rose at an annualized rate of 2.1% in the second quarter, outpacing GDP. The figure indicates that private purchases continued to drive economic activity in April, May and June, at least partly offsetting weakness in other components.

However, resilient consumer spending was accompanied by less favorable financial indicators. A separate Commerce Department report cited by NPR showed that prices in June were 3.7% higher than a year earlier. Inflation also outpaced wage growth in recent months, eroding household purchasing power.

According to NPR, consumers had to draw on savings or use credit to maintain their spending levels. The personal saving rate fell to 2.7% in June, its lowest level in three years. The gap between persistently strong consumption and a reduced capacity to save represents one of the main risks to the expansion’s durability.

From a financial perspective, the trajectory presents mixed signals. GDP is still expanding and household demand has not weakened significantly, but consumers have less room to absorb further price increases. It remains unclear how long they can sustain this pace amid rising prices, slower wage growth and depleted savings.

Inflation trends also remain central to monetary policy. The Commerce Department’s price measure is closely monitored by the Federal Reserve and continues to show increases above the central bank’s preferred pace. Despite this, the Fed decided on Wednesday to leave its benchmark interest rate unchanged.

Foreign trade is also adding volatility to growth estimates. Mark Zandi, chief economist at Moody’s Analytics, told NPR that trade flows have fluctuated sharply and are being affected by tariffs. Their contribution may boost GDP in one quarter and subtract from growth in the next, although the net effect could prove broadly neutral over time.

A comparison of the first two quarters therefore points to a less dynamic economy that still retains important sources of support. However, the composition of growth appears increasingly dependent on household spending decisions.

Upcoming data will need to show whether consumer spending can continue rising without a further decline in savings or greater reliance on debt. The persistence of inflation, wage trends and the impact of trade fluctuations will also require close attention. These factors will determine whether the spring slowdown remains moderate or signals the start of a weaker period of growth.