The U.S. economy showed unexpected resilience in the second quarter of 2024, with GDP growing at 2.8%, surpassing economists’ expectations and accelerating from the first quarter’s 1.4% growth.

This robust performance comes despite high interest rates and persistent inflation, and amidst a heated political debate about the economy’s health. While President Biden touts these figures as evidence of economic strength, nearly three in five Americans incorrectly believe the country is in a recession.

The Federal Reserve is now considering when to start cutting interest rates as inflation shows signs of cooling towards their 2% target.