Last week, the economy, inflation, and how they affect the lives of Americans took center stage. Going to the grocery store or gas station has become more painful than last year, and rising costs are impacting decisions for both households and businesses.
Here’s a snapshot of notable economic data and news from the past week and what it means for you.
US economy growth slows by 1.5% in second quarter
US economy It expanded at a slow pace of 1.5% from April to June. increase in imports It put pressure on growth. but consumption expenditure rose. And while the Fed’s preferred measure of inflation slowed last month, it remained above the central bank’s 2% target.
The Commerce Department reported this week that growth in U.S. gross domestic product, the country’s output of goods and services, slowed from 2.1% in the first three months of 2026, slower than economists expected. However, personal consumption, which accounts for about 70% of economic activity in the United States, grew at an annual rate of 3.2%, up from 0.5% in the January-March period.
Business investment, excluding housing, grew at an 8.4% pace, down from 10.6% in the January-March period but steady, reflecting a surge in demand for housing. Investing in artificial intelligence.
Average 30-year mortgage rate in the U.S. hits highest in 1 year
average long term usa mortgage interest rate The index rose for the fourth week in a row to its highest level since the start of the year, another setback for prospective homebuyers who were hoping for a break from rising mortgage borrowing costs.
Mortgage buyer Freddie Mac announced Thursday that its benchmark 30-year fixed-rate mortgage rate rose to 6.66% from 6.58% the previous week. A year ago, the average interest rate was 6.72%.
Borrowing costs for 15-year fixed-rate mortgages, which are often sought by borrowers refinancing their mortgages, also rose this week. The average ratio rose to 6.04% from 5.96% the previous week. A year ago, it was 5.85%, Freddie Mac said.
Americans’ confidence in the US economy wanes
Americans’ confidence in the economy fell This month, as gasoline prices rose, finding between America and Iran.
The Conference Board said on Tuesday: consumer confidence index It was 90.8 in July, down from 92.2 in June. This is essentially the same tepid range we’ve had since the beginning of the year. From late 2024 to early 2025, the reading was well above 100.
Consumer attitudes improved slightly in June as gasoline prices fell to around $3.70 per gallon. Starting at $4.50 or more per gallon in late April to early May. But as fighting in the Middle East intensified, the average price of a gallon of regular gasoline in the United States began to rise again. Prices rose again overnight to $4.11 per gallon, according to the auto club AAA.
Stock prices fluctuate as Wall Street ends a rough July
us stock market shook Despite some wild swings, the week ended with a profit. Amazon I jumped, apple sink, and Rise in crude oil prices I have more worries inflation Already narrowed down bond market.
Questions remain about when oil will again flow freely from the Middle East.
Brent crude oil prices rose 2.1% to $88.68 a barrel, after rising between $72 and $102 a barrel in early July.
According to AAA, the average price of a gallon of regular gasoline in the U.S. has increased to nearly $4.11 from $3.85 a month ago due to high oil prices.
Fed leaves interest rates unchanged
The Fed left its main interest rate unchanged Doesn’t change Three officials on Wednesday opposed raising interest rates as the central bank struggles to combat persistently high inflation.
The Fed’s interest rate setting committee reached the decision after two days of deliberations, marking the fifth consecutive time that the benchmark interest rate has been kept at around 3.6%.
Some economists and Wall Street analysts had expected the Fed to raise interest rates by a quarter of a percentage point. But while the decision to acquiesce may be seen as good news for consumers, it may not be of much relief given that average interest rates on credit cards remain near 20% and mortgage rates are at their highest levels since last August.
Application for U
S’s unemployment benefit increases
Number of Americans applying unemployment allowance Despite the increase last week, the number of layoffs remains within a historically healthy range over the past few years.
U.S. claims for jobless relief rose by 9,000 to 197,000 for the week ending July 25, the Labor Department said Thursday. Last week’s figure was revised upwards by 1,000 to 188,000, but remains the lowest in more than 50 years.
Analysts surveyed by data firm FactSet expect the number of new applications to be 207,000.
The number of weekly applications for unemployment benefits is considered representative of layoffs and is close to a real-time indicator of the health of the U.S. job market.
