U.S. GDP Growth Not Heading in the Right Direction: Chief Strategist

U.S. Gross domestic product increased at a 2.4% annualized rate last quarter, according to the Commerce Department on Thursday. The economy grew at a 2.0% 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.