US GDP Growth Not Heading in Right Direction: Chief Investment Strategist

U.S. gross domestic product increased at a 2.4 percent annualized rate last quarter, according to a Commerce Department announcement on Thursday. The economy grew at a 2.0 percent pace in the January-March quarter. The U.S. economy grew faster than expected in the second quarter as labor market resilience underpinned consumer spending, while businesses boosted investment in equipment. But some economists remain convinced that a recession is on the horizon, arguing that higher borrowing costs will eventually make it harder for consumers to fund their spending with debt.