US economy grew faster than expected on strong personal spending

US economic growth accelerated by more than forecast in the second quarter, illustrating demand is holding up under the weight of higher borrowing costs. Gross domestic product increased at a 2.8% annualized rate in the April-June period after rising 1.4% in the previous quarter, the government’s initial estimate showed. The economy’s main growth engine — personal spending — advanced 2.3%, also more than projected. A closely watched measure of underlying inflation rose 2.9%, easing from the first quarter but still above estimates, the Bureau of Economic Analysis report showed Thursday....