What you need to know about America’s shockingly good economic report

TL;DR: The US economy showed strong growth with a 2.8% annualized GDP rate in Q2, doubling from earlier this year and exceeding expectations. Consumer spending, which drives 70% of the economy, rose sharply. Inflation also slowed, providing hope for a potential "soft landing" where inflation is controlled without a recession. Business investment increased significantly, particularly in equipment, though spending on structures declined due to high interest rates. Overall, the economic outlook is positive with signs of robust growth and cooling inflation.