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US Economy Shows Resilience; Major Tech Firms Lay Off Workers While AI Spending Soars
The U.S. economy is demonstrating resilience with strong consumer spending and low unemployment filings, despite looming inflation and tariff pressures. Retail sales rose by 0.6% in June, surpassing expectations and indicating solid growth in gross domestic product for the second quarter. However, concerns about rising import costs, which saw their largest monthly increase in over a year, continue to cast a shadow over the economic outlook. While manufacturers anticipate growth and increased hiring, the uncertainty surrounding tariffs remains a significant concern.
IBM's CEO, Arvind Krishna…
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