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Higher interest rates are expected to slow inflation and the U.S. economy during the remainder of 2023 and into 2024, before the Federal Reserve reverses course and cuts interest rates.

The economy expanded at a 2.1% annual pace from April through June, showing continued resilience in the face of higher borrowing costs, the government said Aug. 30.

A strong majority of business economists now say odds of the U.S. entering a recession in the next 12 months are 50% or less, according to a National Association for Business Economics survey.

Showing resilience in the face of higher interest rates, the U.S. economy grew at a 2% annual pace from January through March as consumers spent at the fastest pace in nearly two years.

By the end of last year, many economists forecasted a 50-50 chance of a recession in the U.S. and abroad in 2023. What is the state of the U.S. economy today?

WASHINGTON — The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said.

The trucking industry stumbled through the first quarter amid a slowing economy and high inventories, according to experts.

A gauge of manufacturing improved for the first time in six months, though activity remained in contraction territory amid fragile demand and growing inflationary pressures.

ORLANDO, Fla. — The U.S. economy is poised for a short and shallow recession during the second half of the year, but circumstances specific to current economic conditions make predictions more challenging than usual, said American Trucking Associations Chief Economist Bob Costello.

WASHINGTON — The Federal Reserve’s preferred inflation gauge rose in January at its fastest pace since June, an alarming sign that price pressures remain entrenched in the U.S. economy.