US Economy Stuck in Slow Gear Amid Rising Inflation Concerns

The US economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth, according to the commerce department's report on Thursday.

This deceleration is from a 2.1% growth in the first three months of this year and below economists' expectations.

Consumer spending rose, but inflation remains a concern with the Federal Reserve's favored measure of inflation growing more slowly last month to 3.7%, still above its 2% target.