The US economy posted significant growth in the second quarter. Between April and June, the Gross Domestic Product (GDP) increased by 2.8 percent compared to the previous quarter, according to an initial estimate by the Department of Commerce in Washington. Economists had, on average, only expected growth of 2.0 percent.

A central pillar of growth was private consumption, which increased by 2.3 percent. In the first quarter, consumption growth had been 1.5 percent.

The largest economy in the world currently seems immune to global economic problems," writes Thomas Gitzel, Chief Economist at VP Bank. While Europe is suffering from the weak development of global manufacturing, the US economy can rely on its strong domestic consumption.

Despite the acceleration of growth, the momentum lags behind last year. High interest rates are slightly dampening consumer spending and economic activity. The US Federal Reserve will hold its next meeting next week. However, a rate cut is not expected until September.

The Fed may hope that it has achieved the feat of a soft landing for the U.S. economy," write the economists of Commerzbank. Even the so-called Goldilocks scenario is possible, which describes a state of robust economic growth with low inflation at the same time. "The Fed can increase the chances of this if it initiates the interest rate turnaround in the not-too-distant future," the experts add.

Here is the translation of the heading to English:

"While the US economy is supported by strong domestic consumption, Europe continues to suffer from weak global demand in manufacturing. This once again highlights the divergent developments of the two economic regions and underscores the challenges facing the European economy.