Looks like the US economy could avoid a recession

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US economic growth remains strong despite interest rate hikes; a Niger coup could further destabilize security in Africa’s Sahel region.

Tonight's Sentences was written by Jariel Arvin.

US economic growth makes a recession less likely

Drew Angerer/Getty Images

• The US gross domestic product grew at an annual rate 2.4 percent from April to June, beating economic forecasts, according to government data released Thursday. [The Hill / Tobias Burns]
• Much of the growth was fueled by steady consumer spending on goods and services and private investment, as well as increased government funding for infrastructure and manufacturing . [New York Times / Ben Casselman]
• This is the US economy’s fourth consecutive quarter of growth, decreasing the chances of a recession in 2023. It’s also a sign the Federal Reserve interest hikes are helping tamp down inflation. [Washington Post / Abha Bhattarai]
• The Consumer Price Index, a key measure of inflation, hit a 2.6 percent annualized rate in the second quarter, its lowest since the end of 2020. However, it’s still higher than the Fed’s target of 2 percent. [Associated Press / Paul Wiseman]
• However, some economists still warn higher borrowing costs, dwindling household savings and a credit crunch at banks could still trigger a slowdown this year. [Reuters / Lucia Mutikani]

📍 If you read just one story

Vox’s Nicole Narea explains what the Federal Reserve’s highest interest rate in 22 years could mean for the US economy. [Vox / Nicole Narea]

What to know about the coup in Niger

• On Wednesday, Niger soldiers removed President Mohamed Bazoum from power and announced they had dissolved the West African nation’s constitution and suspended all political activities. [BBC / Laurence Peter]
• Military officials claim they staged the coup over dissatisfaction with security and Bazoum’s handling of the economy. He was detained at the presidential palace on Thursday. [Reuters / Boureima Balima and Moussa Aksar]
• Hundreds of coup supporters looted and threw rocks in the capital city of Niamey and set Bazoum’s political party headquarters on fire. [Guardian / Peter Beaumont]
• It’s the fifth coup in West Africa since 2020, as neighboring countries such as Mali and Burkina Faso reject French influence and forge security ties with Russia’s Wagner mercenary forces. [Al Jazeera]
• The US and France rely heavily on Bazoum in the fight against Islamic extremist groups taking hold in the Sahel region. It’s unclear what impact the coup will have on the operations of a US drone base and 1,100 military personnel stationed in Niger. [Associated Press / Cara Anna]

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On Thursday, federal prosecutors filed more charges against former President Donald Trump related to his alleged mishandling of classified documents. [New York Times / Alan Feuer, Maggie Haberman, and Glenn Thrush]

• With much of the country facing heat advisories, President Joe Biden announced protections for workers from extreme heat and $152 million to improve drinking water resilience and storage in three western states. [NPR / Barbara Sprunt]
• About a decade ago, Tesla assembled a secret team to deny thousands of customer complaints after using algorithms to exaggerate the distance its cars could travel on a full battery. [Reuters / Steve Stecklow and Norihiko Shirouzu]
• The Supreme Court cleared the way for the completion of the controversial Mountain Valley Pipeline despite challenges from environmental groups. It will transport natural gas from West Virginia to Virginia. [CBS News / Melissa Quinn]

“If you’re looking for a working definition of ‘resilient,’ look no further than the American economy. This is absolutely rock-solid.”

[Joseph Brusuelas, chief economist at RSM, on the latest US economic data / NYT]

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